Dow Jones is looking for a stronger trend 10/8/2023

Mixed trading dominated the Dow Jones Industrial Average on the New York Stock Exchange, which tended to be negative, but the published support levels located at 35,140 limited the bearish tendency.

On the technical side today, there needs to be more clarity between the technical signals. The RSI is trying to obtain positive momentum signals, while the Simple Moving Averages still constrain the indicator.

We prefer to monitor the price behaviour of the indicator to be in front of one of the following scenarios:

Confirmation of the breach of 35,515/35,500 is a catalyst that leads the index to achieve gains that start at 35690 and extend towards 35,870.

The decline below 35,140 puts the index under strong negative pressure, its initial target is 34,960

Caution: Today we are awaiting high-impact economic data issued by the US economy, “Consumer Price Index” and “Weekly Unemployment Claims”, and we may witness high volatility in prices.

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: 35150	R1: 35515
S2: 34960	R2: 35690
S3: 34780	R3: 35875