While the Dow Jones index recovers some of last week’s losses, sentiment, however, remains downbeat.
Price action has fallen below 33300, critical support on the daily chart. While it would be too soon to call it an outright bearish reversal, the index is likely to go sideways in the short term.
The technical bounce may face stiff selling pressure around 34100, a demand zone turned into a supply zone as trapped buyers await to bail out unscathed. 33400 is the closest support when an overbought RSI falls back.
