The Dow Jones Industrial Average is trading slightly lower this Wednesday, as conflicting macroeconomic data leave traders opting to exercise caution ahead of tomorrow’s Thanksgiving Holiday.
Global markets are trading cautiously this Wednesday, allowing for a pullback in major stock indices. The Dow Jones briefly opened to a new record high at 30214, but was unable to sustain the breakout as sellers quickly came into the mix and send price action lower.
Conflicting macroeconomic data ahead of the US FOMC minutes later today may have precipitated the bearish action.
Technical Outlook for Dow Jones
Today’s price activity on the Dow Jones index shows that 30100 remains resolute as the resistance to beat for buyers. A break of this level establishes new highs for the Dow Jones Industrial Average, aiming for potential targets at 31079 or 32376 as price aims to establish the measured move from the break of the bullish pennant on the daily chart.
On the flip side, we could see a drop towards 29662 in the near term as a consequence of today’s rejection and pullback at the 30100 resistance
level. Below this area, a decline would target 29255 or possibly 28979. A move to the latter would invalidate the pennant.
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Dow Jones Daily Chart
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