The Last Day Of January On Wall Street
The vaunted 25000 level in the DJIA was eclipsed following Wednesday’s statements from FED Chairman Jerome Powell.

The end of January 2019 is drawing near, a month that was very good for equities bulls. Following the holiday season meltdown of 2018, investors were skeptical that the Trump Rally for stocks was drawing to a close. While that may eventually be the case, the past 30 days on Wall Street have reassured those traders long the U.S. indices.
Wednesday afternoon brought the much-anticipated first FED meeting of the new year. Jerome Powell’s tone was decisively dovish, promoting policy commitments of flexibility and patience. Wall Street liked what it heard, producing a trend day up for the DJIA, NASDAQ, and S&P 500 SPX.
Today’s open has been dull in comparison. While the indices are firmly in the red, traders appear a bit hungover from yesterday’s fast-paced action. Of course, this can change at a moment’s notice.
March E-mini DOW Futures
The vaunted 25000 level in the DJIA and March E-mini DOW futures was eclipsed following Wednesday’s statements from the FOMC. A session high of 25068 was posted in the March E-mini DOW, marking the high point of FED dovish sentiment.
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Here are three levels to keep an eye on in this market for the remainder of the session:
- Resistance(1): Psyche Level, 25000
- Resistance(2): Wednesday’s High, 25068
- Support(1): Bollinger MP, 24255
Overview: During the U.S. overnight, the March E-mini DOW tested the waters above 25000. Since then, price has dropped significantly. This is a strong bearish signal and one that may be the precursor to a trend day down. At the moment, holding intraday longs in the DJIA or E-mini DOW is very risky due to the growing odds of a post-FED retracement.
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