Dow Jones Touches Goal, Eyes on The Fed 5/1/2022

The Dow Jones Industrial Average achieved noticeable gains within the expected bullish path we mentioned in the last analysis, touching the official target of 36,800, recording its highest level at 36,800.

On the technical side, we find that the 14-day momentum indicator started to gain bearish momentum on the short intervals, in addition to the clear negative signs on the stochastic.

Therefore, we may witness a temporary bearish tendency in the coming hours to retest 36,440, knowing that breaking it increases the temporary negative pressure, so we will be waiting for 36,310 before attempts to rise again.

If 36,760 is breached, the indicator will regain the bullish path, and the price heads to visit 36,940; gains may extend later towards 37,000.

Note: The level of risk is high.
Note: The Federal Reserve’s statement is due later today, and we may witness high volatility.

S1: 36440	R1: 36760
S2: 36310	R2: 36940
S3: 36130	R3: 37075