Dow Jones is facing negative pressure 5/9/2023

Mixed trades that tended to be negative dominated the movements of the Dow Jones Industrial Average during the previous trading session, and the current movements are witnessing stability below 34,900.

On the technical side today, we are leaning toward intraday negativity in our trading, but with caution, relying on the clear negative signals on the 14-day momentum indicator and its stability below the 50 midline and intraday trading below 34,900.

With trading remaining below 34,900, we may witness a decline in the coming hours, targeting 34,720 as the first target, and breaking it may extend the index’s losses as we wait for 34,610.

Only from above, the return of trading stability above 34,900 can postpone the proposed scenario and lead the index to recover with a target of 34985 and 35060 as initial targets.

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: 34720	R1: 34985
S2: 34610	R2: 35140
S3: 34460	R3: 35245