Dow Jones 30 Technical Analysis
The Dow Jones 30 is a little bit positive in the early hours here on Monday, as we continue to squeeze to the upside. On the chart, I see a rising wedge potentially peaking here, but we’ll just have to wait and see. We would need some type of major shift lower to have that fulfilled.
As things stand right now, it looks more of a grind to the upside. I still believe the 45,000 level would be a massive support level if we were to drop down to that level. But really, I don’t see that being a major issue at the moment. I still think that’s more or less going to be a buy on the dip type of environment.
S&P 500 Technical Analysis
The S&P 500 is grinding a little bit higher to new highs as we are breaking the 6600 level. This is a very bullish move, but very subtle. I think short-term pullbacks continue to be buying opportunities. I think the 6500 level is going to continue to be on a major floor, as it was a major resistance. Ultimately, this is a market that the channel I think holds, and I do think that Wednesday, again, is going to be very important.
We probably get a little bit of a dip between now and then, but we’ll have to see how the market behaves really on Friday. I think Friday is the key to where we go next. Once everybody has the statement and has calmed down, then we start to look around and see where we go next. It is still bullish at the moment. I have no interest in shorting.
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