Dow Jones US30 Chart Technical Outlook develops a downside corrective structure, bears target 37,700
Dow Jones spiked higher on the Fed Chair Jerome Powell sounded less hawkish than before. Prices failed to stay at high ground. The FOMC meeting offered a downside correction to USD but not a reversal. Powell dodged many questions about monetary policy but still favoured holding rates high for longer.
I expect any rally to be capped by yesterday’s high and find sellers. Investors eye the US data today, Initial Jobless Claims and Unit Labor Cost, while NFP is due tomorrow – the main focus now.
Resistances: 38,250, 38,400
Supports: 37,900, 37,700
