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What is the Dow Jones
In case you don’t know. The Dow Jones (DJIA) is one of the oldest and the most commonly followed stock market in the world. It only includes 30 large companies, that most of you know including:
• American Express
• Johnson & Johnson
• The Coca-Cola Company
• Boeing and so on…
Here’s why I expect upside for the Dow Jones…
Jobs in America are on the rise
Last month, the US economy added yet another higher than expected number of jobs since August 2020.
850,000 to be exact.
With the vaccinations in full play and with the opening of the economy, trade, travel and business – we are definitely seeing a recovery from the pandemic.
For instance, the average hourly pay jumped 2.3% in June among a number of sectors that struggled during the Covid-19 crisis.
This includes workers in the leisure and hospitality sector which took the three-month pay increase to 6.2%.
And with the initial jobless claims easing to a low of 364,000 in the week of June, this means we can expect an even better July jobs report…
Earnings are coming in strong which boosts optimism in America
Good earnings reports are definitely catalysts for helping the Dow Jones rally.
First, we have Nike which blew away the fourth-quarter earnings estimates on Thursday. The company reported an Earnings Per Share cents on revenue of $12.3 billion. This is a lot higher than what the analysts estimated.
We then saw the stock surge the next day over 15%, which put it into the buy range point (148.05) according to IBD MarketSmith.
Next we had more strong earnings coming from companies like:
• Micron Technology
• United Airlines
• Didi Global
• Li Auto
This will help attract investors and companies to buy stocks from all three American stock markets which will drive the price higher…
And once again the chart confirms the upside to come…
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This rising channel is showing an insane 2,386 point rally for the Dow Jones
In the above Dow Jones daily chart, we can see it’s been on a strong uptrend channel since 1 July 2020.
Then in early April, we hit a short but lingering side ways range until 5 July 2021.
Whether you bought or sold, you would have been shaken out of your trade.
That was until last week.
Last week, we saw buyers take control as they pushed up the resistance price (ceiling level) over 34,770.
And now, with the positive information coming out with better jobs, earnings and optimism, we can expect the next Dow Jones rally in the near future.
If we look at the channel, we can base the next price target at the top of the channel at 37,156.
Here’s how I’ll profit from the next 2,386 point rally…
First, I’ll buy the Dow Jones CFDs (US30) and hold it until it hits my price target.
Second, I’ll be waiting for Trader X’s international trade ideas as he takes advantage of the Dow Jones rally to come.
Chief Strategist, Red Hot Storm Trader