- During my daily analysis of US indices, I think that we have a situation where the Dow Jones 30 of course is suddenly bullish again, after the jobs number came out as adding just 12,000 jobs for the previous month.
- That being said, the market is likely to continue to see a lot of volatility, but it’s also worth noting that the 41,650 level has offered a bit of a floor, with the 50 Day EMA slicing through the middle of the candlestick.
- With this being the case, I think that the Dow Jones 30 is trying to find some type of floor.
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The US Elections
It’s worth noting that the US elections happen on Tuesday, and that will be the first thing that traders will be thinking about next week. Whether or not that changes anything remains to be seen, but at this point in time it’s likely that we will continue to see a lot of volatility. Whether or not we get any type of surprise remains to be seen, but it is worth noting that the majority Wall Street traders seem to believe that Donald Trump will be the winner. The question at this point in time is probably more along the lines of whether or not there is a Republican sweep.
That being said, it’s worth noting that when you do get a surprise, perhaps a Harris victory, you could see a lot of volatility in the markets as traders readjust their expectations. Because of this, we could see a lot of noise over the next couple of trading sessions.
All things being equal though, this is a market that’s been in an uptrend for a while, and it is probably worth thinking about whether or not you can find some type of value in this market. Ultimately, I think that we do eventually go higher, but it’ll be interesting to see how long it takes to get any serious momentum. If we can break above the 42,600 level, then I think you’ve got a situation where the Dow Jones 30 will take off to the upside for an even bigger move.
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