Dow Jones 30 Forecast May 2, 2016, Technical Analysis

The Dow Jones 30 fell during the course of the session on Friday, breaking down below the 17,800 level. This is a market that has plenty of support just below, so having said that we are looking for some type of supportive candle in order to start buying. Ultimately, the market looks as if it is ready to go higher, but we do not have the supportive enough candle to start buying. Once we do, we feel that the market will probably go to the 18,200 level. A break down below the 17,400 level would be extraordinarily bearish.