With election day drawing close, we finally saw a red month in the Dow Jones Industrial Average for the first time in 6 months.

From the October opening price, the index pushed up by an impressive 1,065.35 pips (2.51%), reaching new highs at $48,387.35. However, following a harsh rejection, the Dow Jones fell by 1,647.85 pips (3.80%), closing at $41,739.50.

With this monthly close, we now have a bearishness injected into the index with a bearish Shooting Star candlestick pattern. Though a bearish reversal is not confirmed, it is now a possibility worth considering.

The weekly EMA 100, visualised as a blue line, on the DJ30 is a somewhat respected exponential moving average, which could potentially provide support for the asset.

However, it currently sits at approximately 4,500 pips (10%) away, and is not worth considering as a support until the April High and September Low level at approximately $40,056.35 breaks.

As we move into the US Election Day on November 5th, 2024, the DJ30 may see some extreme volatility during this week. 

Traders are advised to tread cautiously.

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