Dow Jones (Dow 30) Pressures Channel Resistance at 16,640
Tuesday,01/03/2016|12:33GMTby
DailyFX News
Talking Points -We are still anticipating another bounce higher of similar size to the Feb 11-Feb 18 up trend ...
Talking Points
-We are still anticipating another bounce higher of similar size to the Feb 11-Feb 18 up trend
-Dow Jones rallies to channel resistance after dropping into 16,410-16,500 support zone
-Below 15,500 invalidates the near term bullish bias
Dow Jones Industrial Average finished yesterday near its lows for the day. From a technical perspective, the 50 Day Simple Moving Average drives through the levels we saw at yesterday’s lows. Therefore, the probability of a bounce higher is increased. We are still anticipating another bounce higher of similar size and magnitude relative to the February 11 – February 18 up trend. This places a target zone in 17,000-17,300.
Dow Jones (ticker: US30) Pressuring Channel Resistance
[Image 1]
As we look ahead to today, the patterns mentioned in yesterday’s report for the US30, a CFD which tracks the Dow Jones Industrial Average, remain viable. The price action from yesterday does provide some more clarity to the near term pattern as the Dow Jones is stuck in a sideways consolidation after dropping to a low of 16,450, which was in the 16,410-16,500 zone cited yesterday.
A break above 16,660 does punch prices above the downward sloping channel formed from the February 26 high. If this break occurs today, it would be symptomatic of the diagonal pattern introduced yesterday and the 16,450 low was the end of wave ii of the diagonal (see image 2 below)
[Image 2 – Idealized Ending Diagonal Pattern]
The inability to break 16,600 today suggests prices are still subdividing lower and may work down towards 16,350-16,400 and possibly lower levels near 16,000. Once support is found, prices likely begin a rally under the pattern’s interpretation.
As a result, a trader can look to buy a break above 16,660 or wait to buy the dip for intraday trades.
If for some reason, prices break down below the February 11 low of 15,500, then the premise of this analysis is incorrect and we will look to assess other alternative patterns at play.
Each year, the DailyFX team publishes their top trading opportunities guide and this year included some commentary regarding trading the stock market. Grab the 2016 Top Trading Opportunities Guide and receive the Q1 Equities forecast as well.
-We are still anticipating another bounce higher of similar size to the Feb 11-Feb 18 up trend
-Dow Jones rallies to channel resistance after dropping into 16,410-16,500 support zone
-Below 15,500 invalidates the near term bullish bias
Dow Jones Industrial Average finished yesterday near its lows for the day. From a technical perspective, the 50 Day Simple Moving Average drives through the levels we saw at yesterday’s lows. Therefore, the probability of a bounce higher is increased. We are still anticipating another bounce higher of similar size and magnitude relative to the February 11 – February 18 up trend. This places a target zone in 17,000-17,300.
Dow Jones (ticker: US30) Pressuring Channel Resistance
[Image 1]
As we look ahead to today, the patterns mentioned in yesterday’s report for the US30, a CFD which tracks the Dow Jones Industrial Average, remain viable. The price action from yesterday does provide some more clarity to the near term pattern as the Dow Jones is stuck in a sideways consolidation after dropping to a low of 16,450, which was in the 16,410-16,500 zone cited yesterday.
A break above 16,660 does punch prices above the downward sloping channel formed from the February 26 high. If this break occurs today, it would be symptomatic of the diagonal pattern introduced yesterday and the 16,450 low was the end of wave ii of the diagonal (see image 2 below)
[Image 2 – Idealized Ending Diagonal Pattern]
The inability to break 16,600 today suggests prices are still subdividing lower and may work down towards 16,350-16,400 and possibly lower levels near 16,000. Once support is found, prices likely begin a rally under the pattern’s interpretation.
As a result, a trader can look to buy a break above 16,660 or wait to buy the dip for intraday trades.
If for some reason, prices break down below the February 11 low of 15,500, then the premise of this analysis is incorrect and we will look to assess other alternative patterns at play.
Each year, the DailyFX team publishes their top trading opportunities guide and this year included some commentary regarding trading the stock market. Grab the 2016 Top Trading Opportunities Guide and receive the Q1 Equities forecast as well.
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We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
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We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
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🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
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📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
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You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
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#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
