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Dow Jones: The upside prevails

Indices in the US continue their grind higher with the Dow Jones pushing higher this morning, poised to a have a go at marking new highs at 13800. The bulls are clearly having the upper hand in 2013 as there is a degree of risk appetite out there despite the uncertainty on a fundamental level. With this being said, we would like to see some type of pullback in order to get involved. A pullback to 13610 would be ideal for getting on the long side of the market. As long as the market remains well supported above 13555, downside movement can been seen as good buying opportunity. In the alternative scenario, a break below that level could open the door for the next support level at 13483. Onto the main topics of today, a quiet day on the European economic data front keeps the focus on US event risks with the Jobless Claims and the Petroleum Status Report highlighting the calendar.

Dafni Serdari
Market Analyst
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