The Dow Jones 30 retreated as last month’s US inflation remained above the Fed’s target. The index was bought out of the dip over the daily support at 34580.
The rebound turned out to be short-lived after a breakout invalidated this key floor. A bearish MA cross indicates that sentiment has become increasingly downbeat.
The psychological level (34000) from last July would be the next target. On the upside, 34950 is a fresh resistance where sellers would be eager to erase any rebound.
