Dow Jones Technical Analysis
==========

The Dow Jones opened lower and finished the day negative following another hot CPI report. This has pushed rate cuts expectations further out with the market now pricing in less rate cuts than the Fed’s dot plot. The Treasury yields skyrocketed across the board putting some pressure on the stock market. On the daily chart, the Dow Jones has been trading inside a rising channel and continued to long time. Recently, we got a breakout which opened the door for a bigger correction into the 37128 level. On the 4-hour chart, the price bounced on the first support level but got rejected by the downward blue 8 breaking below the support following the CPI release. On the 1-hour chart, we can see more closely the downward trendline where we can also find the red 21 moving average and the 38.2% level. Tomorrow, we conclude the week with the University of Michigan Consumer Sentiment survey.



https://www.forexlive.com/technical-analysis/dow-jones-technical-analysis-20240411/