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The Dow Jones 30 Industrial Index (#INDU) fell in the first week of trading this month, at this time it is trading below the SMA of 21 and below the 5/8 of Murray. Outlook remains bearish and we could expect it to continue in the next few days until it finds support at the EMA 200 located at 35,817.
The Fed is currently on track to stop adding to its nearly $8.2 trillion worth of Treasuries and mortgage-backed securities by mid-March. Two to four interest rate hikes are also currently forecast for this year.
All this could significantly affect Wall Street and we could see a fall in these indices towards the levels of the year 2019-2020. We can clearly observe the market reaction after the data that were published on Wednesday by the FOMC and today with Nonfarm Payroll data.
Therefore, in the short term we can sell the Dow Jones as long as it remains below 36,718 (6/8) and 36,418 (21 SMA) awaiting a technical bounce at 35,817 (200 EMA). In this area, it will be an opportunity to buy again, targeting 6/8 of Murray at 36,718.
A sharp break below the EMA 200 located at 35,817 will be the beginning of a bearish scenario and we could expect a drop in the Dow Jones to key levels of 34,656 (December 17 low). The eagle indicator is giving a negative signal and the decline is likely to continue towards the level of 10-point and until it may be oversold.
Support and Resistance Levels for January 07 - 10, 2022
Resistance (3) 36,555
Resistance (2) 36,328
Resistance (1) 36,217
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Support (1) 36,019
Support (2) 35,818
Support (3) 35,681
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