Dow Jones 30 Technical Analysis
The Dow Jones 30 is pretty stagnant, but really, at this point in time, I think it’s just in consolidation as well. It has the 49,000 level underneath, offering support, allowing for more back and forth, and perhaps momentum-building positioning.
Again, that being said, Monday is a holiday, so keep that in mind. But I do think, given enough time, we do break out and test the 50,000 level. It’s just too big a target for most participants to ignore. If we do break down, the 50-day EMA sits just above 48,000 and should be important.
S&P 500 Technical Analysis
The S&P 500 initially rallied a bit; now it just looks a little bit flat on Friday in the early hours. We’ll see whether or not we can break to the upside. I do think that there are a lot of people watching this 7,000 level and seeing whether or not we can actually break above it.
I do think it happens given enough time. You’re just going to have to be very patient to see that happen. The 50-day EMA offers support. I anticipate a lot of sideways action and again, as I mentioned with the other two indices, on Monday the S&P 500 will be shut down, so keep that in the back of your mind.
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