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Emini Dow Jones: Today's Outlook

Published 12/02/2014, 05:47 AM
Updated 07/09/2023, 06:31 AM

Emini Dow Jones Weekly Chart

Emini Dow Jones tested trend line support at 17,705/17,695 to bottomed exactly here. Watch this level carefully as we are long overdue a short-term correction and having struggled to make gains all of last week, we could see that correction play out this week. Failure to hold above 17,695 today would indicate further weakness to come and targets 17,675 then 17,635/625. A good chance of a low for the day here to try longs with a stop below 17,600. Just be aware that if we do continue lower look for very strong support at 17,555/550 for a buying opportunity with a stop below 17,510.

Immediate resistance at last week's three day low at 17,760/70 is being tested as I write, but above here targets the high yesterday at 17,809 then 17,845 before a retest of all-time highs at 17870/877 today. We must be ready to jump into longs on a break higher despite the overbought conditions, to target 17900/10 then 17940/50.

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