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Dow Jones 30 Technical Analysis
The Dow Jones 30 is hanging around the 40,500 level and I think at this point in time, we are likely to see a lot of back and forth trading as well. All things being equal, this is a scenario where if we break above the $41,000 level, then you could see the market go looking at the $42,000 level where the 50 day EMA and the 200 day EMA both are sitting. If we break down below the bottom of the candlestick from last Friday, somewhere near 39,000, then the Dow Jones chart is likely to drop to 37,000.
S&P 500 Technical Analysis
The S&P 500 is basically flat in the early hours on Tuesday as we continue to just bounce around the 5,400 level. If we could turn around and see bullish behavior, then the 5,600 level could be a target. If we break down from here, 5,200, followed by the 5,000 level, should both be supported. I do think that the S&P 500 is doing the same thing other indices in the United States are doing, just hanging around trying to form some type of clarity on the tariff situation. And we are trying to form consolidation probably just from nobody wanting to put too much risk on at the moment.
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