- Dow falls for the second day, plunges 900 points.
- Bears seem to be in control.
- Nearest Support seen at 39175
- Recovery needs break above 40050
Jobs report raised markets' concerns and triggered yet another sell off resulting in 900 points intraday drop from 40260 day high smashing its way down to 39340
Next support is seen aligned with 4 hourly 200 SMA 39175 which may show some recovery.
Upward rebound may face initial hurdle at 39680 above which next challenge is 39797 followed by overhead resistance 4 hourly 50 EMA 40050
If Dow finds enough buying momentum above 40050, recovery may extend further to next resistance 40270 followed by 40350
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
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