Dow Jones achieves bearish targets, eyes on the Fed 20/9/2023

As we expected, the Dow Jones Industrial Average suffered significant losses on the New York Stock Exchange, touching all the bearish targets required to be achieved, reaching the official station of 34,650, recording its lowest level of 34,608.

On the technical side today, we are leaning towards negativity in our trading, relying on the continued negative pressure of the simple moving averages, which coincide with the negative signals coming from the relative strength index.

From here, with daily trading remaining below the resistance level of 34,860, or more importantly, 34,900, the bearish scenario remains the most likely during the day, targeting 34,600, and breaking it increases and accelerates the strength of the daily bearish trend, as we wait to touch 34,420.

As a reminder, the price’s consolidation again above 34,900 invalidates the activation of the proposed scenario, leading the index to retest 34,985 and 35,080, respectively.

Note: Today, we are awaiting high-impact economic data issued by the American economy “the Federal Reserve Committee statement, the interest rate decision and forecast, followed by a press conference. We may witness high price fluctuations at the time the news is released.

Note: Risk level may be high.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 34605	R1: 34985
S2: 34415	R2: 35180
S3: 34220	R3: 35370