Stock Markets Analysis and Opinion
Dow Jones Tests Support Ahead of CPI Data Next Week
2023.09.07 04:53
An “Ascending Wedge” is ultimately a bearish reversal pattern, but that doesn’t mean that today is the day it breaks. We are at support, and relative strength RSI is pointing lower, but the index may find support ahead of the CPI inflation data next week.
The level to be watched is the resistance at the 35053 level, which is the 61.8% retracement that held the bounce a couple of weeks back. A decisive break of the August 25th low at 34025 would suggest a bearish breakdown for the index back below the 200dma.
