DOWJONES / Bearish Correction, Pivot 42290

Sep 26, 2024

Technical Analysis: DJI: Dow Jones Slides 300 Points to Retreat from Record. S&P 500 Joins Pullback.

Technical Outlook:
The price should break 42290 to be bullish till 42800,
stability under 42290 and 42210 will be a bearish trend toward 41960 and 41775

Key Levels:
Pivot Point: 42210 - 42290
Resistance Levels: 42450, 42700, 43040
Support Levels: 41960, 41770, 41565

Trend Outlook:
Bearish while under 42290
Bullish by breaking 42290

Sep 29, 2024

Trade closed: target reached

Price Action: There are two potential scenarios:

Bullish Scenario: If the price holds above $42,298 and gains momentum, it could retest the resistance zone around $42,817 and potentially break towards $43,040.
Bearish Scenario: A failure to hold the support at $42,298 may result in a pullback towards the support levels at $41,769 or $41,565.
Outlook: The price is approaching a crucial decision point. Watch for a potential move towards the resistance, but if bearish momentum strengthens, a correction down to the lower support levels is likely.

In summary, US30 is testing resistance and could either break upward or see a retracement towards the support levels. The key level to watch is $42,298 for short-term direction.