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Dow Jones 30 Gains Momentum

The Dow Jones 30 rallies as weaker US business activity in October rekindles hopes of a dovish Fed. From the daily chart’s perspective, a pop above the support-turned-resistance at 31000 is a sign of strong buying interest in the short-term. A series of higher lows may encourage the bulls to extend upwards, further squeezing the short side. After clearing 31300, the index is heading to September’s high at 32600. The RSI’s overbought condition may cause a limited retracement with 30900 as the first support.

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