0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The Japanese Yen responded to a key technical barrier last week with and leaves the bears vulnerable early in the month. Get your $USDJPY technical analysis from @MBForex here: https://t.co/ijElJvmHyn https://t.co/Xv7pVMQ6h4
  • Trump to announce 10% tariff on Canadian Aluminum - BBG
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 5.25% Gold: 0.99% Oil - US Crude: 0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gpka4HBCay
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.03%, while traders in US 500 are at opposite extremes with 76.79%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/FfFR6kxBCO
  • Ahead of the RBNZ rate decision next week, the New Zealand Dollar has struggled to climb higher against its major counterparts, with the exception of the US Dollar. Get your market update from @JMcQueenFX here:https://t.co/iZxV2qSVrw https://t.co/CGE3WeJ3Yl
  • U.S. State Department lifts travel advisory for all international travel - BBG
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.21% Wall Street: 0.20% France 40: 0.10% Germany 30: 0.06% FTSE 100: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uCGMUoQfxx
  • Senator Collins 'still optimistic' on stimulus deal - BBG
  • Update on #Cryptocurrencies #BITCOIN +1.33% #BITCOINCASH +5.60% #ETHEREUM -0.07% #RIPPLE +1.08% #LITECOIN +1.63%
  • https://t.co/A8Ywz4dGqr
Dow Jones Industrial Average Greets A Milestone at 20,000

Dow Jones Industrial Average Greets A Milestone at 20,000

2017-01-25 18:13:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

Talking Points

-Dow Jones Industrial Average (DJIA) prints above 20,000 for the first time today

-The higher probability patterns are incomplete and hint towards 20,600 as the next resistance level

-If prices fall, support appears near 19,700 and 19,250

DJIA finds the 20,000 mark for the first time ever today. Since Donald Trump was elected president, DJIA has zoomed higher nearly 9%. Traders are optimistic that businesses will see relief from regulation and taxes that returns money to their bottom lines.

We have been bullish the market since late June and have been anticipating the recent sideways price action was merely a short-term correction. The patterns still suggest the higher probability move is towards higher levels for DJIA.

There are a couple of wave relationships near 20,000 that were suppressing prices for the last month. One of those levels resides near 20,059 so a successful break higher opens the door for a visit to 20,600.

If prices dip, this congestion area near 19,700 is a higher probability support zone. The next level of support is down near 19,250. Below 19,250 we will begin to assess other patterns that could be in play. The higher probability pattern as we see it now is that the current Elliott Wave count is incomplete to the upside.

Join Jeremy for his US Opening Bell webinars to discuss patterns for DJIA. Register and join here.

This is a shorter-term outlook for DJIA, for an equity market quarterly forecast grab a copy here.

Dow Jones Industrial Daily Chart

Dow Jones Industrial Average Greets A Milestone at 20,000

Created using TradingView

---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU

Follow me on Twitter at @JWagnerFXTrader .

See Jeremy’s recent articles at his Bio Page.

To receive additional articles from Jeremy via email, join Jeremy’s distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.