Dow Jones Faces a Negative Scenario

The Dow Jones Industrial Average declined significantly on Wall Street within the expected negative outlook, surpassing the target of the second downward correction at 30,775, to post low at 30,694.

On the technical side today, after the index found a solid resistance level around 31,020, in addition to the clear negativity on the stochastic indicator and the clear negative signs on the RSI. This encourages us to maintain our negative outlook targeting 30,650 and 30,590 thereafter.

Crossing over to the upside and rising again above 31,020 will immediately stop the bearish scenario, and we will witness positive trading targeting 31,220, then 31,360.

Note: the level of risk is high

S1: 30590	R1: 30975
S2: 30450	R2: 31220
S3: 30210	R3: 31365