Dow Jones in Free Fall

The Dow Jones Industrial Average continues to free fall, recording its lowest level during the previous trading session at 33,480, while recording the highest level at 34,552.

On the technical side, by looking at the 60-minute chart, we find that the RSI continues to protect the bearish trend, and in the 4-hour time frame, we see Stochastic remains within the oversold territory.

Therefore, the bearish bias is likely today, provided that the breach of 33,450 is confirmed. This would extend the index’s losses and sets the stage for a visit to 33,230 and 33,190, respectively.

Only from above, the index’s stability return above 33,800 can limit the bearish trend, and we may initially witness a bullish slope targeting 34,270. Note: The level of risk is high.

S1: 33195	R1: 34270
S2: 32800	R2: 34950
S3: 32130	R3: 35340