Price Action – Dow Jones Barely Holding Key Support | Oct. 29th

Dow Jones
With Skynet offline today since US equity markets and exchanges were closed (due to hurricane Sandy), a key support level in 13000 is coming under pressure for the Dow Jones Index.  Although a decent sized pin bar formed Friday off this level, pressure remains on the major index, and should the key support fail, 12750 and 12500 will be under attack shortly after.

Bears currently have control so intraday pullback setups towards 13150 and 13300 are good areas to sell on rallies.  Bulls will want to see more stability here, or a deeper pullback before entering long.

price action pin bar rejection oct 29th

For those wanting to learn to trade price action, access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

Upcoming Economic Announcements:

AUD HIA New Home Sales (MoM) 20.00EST
EUR Spain GDP (YoY) 04.00EST
EUR ECB Draghi Speaks on Central Banking 04.00EST
EUR German Unemployment Rate 04.55EST
EUR Euro-Zone Business Climate Indicator 06.00EST
USD Consumer Confidence 10.00EST

Make Sure To Check Out My Newest Articles:

Forex Price Action – Intraday Breakout Pullback Setup
Intraday Forex Price Action Setup Oct. 25th
3 Ways Archery Helps My Trading

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article