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The Dow Jones is trading around 52,419 points, below the uptrend channel formed since June 15 and below the 21-day simple moving average (SMA). The DJ30 is trading below the 6/8 Murray line, following a sharp decline after breaking out of the uptrend channel.
Since the Dow Jones is now trading below the uptrend channel, a rally toward 52,800 could be seen as an opportunity to resume selling, with targets at the 200-period EMA, around 51,655, and, ultimately, at the strong support level around the 5/8 Murray line at 51,562.
The Eagle indicator is showing a negative signal, so a technical bounce in the coming hours toward the lower band of the trend channel—which has now become resistance—could be seen as an opportunity to open short positions.
If the Dow Jones price consolidates above 52,850 and above the 21-period simple moving average (SMA), it could signal a recovery for this industrial index, and we could expect it to reach the 6/8 Murray level, around 53,125, and, ultimately, its July 7 high, around 53,500.
Our outlook for the Dow Jones is bearish, so we will continue to sell in the coming days until it reaches the psychological level of 50,000 points.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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