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Dow Jones 30 Technical Analysis
The Dow Jones 30 is breaking higher during the early hours on Thursday, and it does look like a market that is going to challenge the 50 day EMA pretty quickly. Again, we have to worry about Friday’s jobs number, but we have just reached above a significant resistance barrier. So, this certainly has the vibe of a very bullish market just waiting to happen. The 200-day EMA is closer to the 41,600 level, and then we have the 42,000 level. The volume spike at that bottom and the complete turnaround has been rather impressive, and I do, in fact, think we probably have higher levels ahead.
S&P 500 Technical Analysis
The S&P 500 looks very much the same as it races towards the 200-day EMA. And that being said, the 50 day EMA should act as support. Again, we have to worry about the Friday jobs number, but ultimately, I do think that the stock market is doing everything it can to go back to normalcy. And this last week or so has been impressive because it was preceded by an extraordinarily volatile and strong week itself. So, the fact that we just continue to grind higher leads to that old thought of the pain trade is always to the upside and climbing a wall of worry. That might be as difficult as this needs to get for most traders. Short-term pullbacks should continue to see binding pressure.
For a look at all of today’s economic events, check out our economic calendar.
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