The Dow Jones 30 recoups losses ahead of the Fed’s policy meeting tomorrow. A bearish MA cross on the daily chart shows an acceleration to the downside and a break below 31000 has certainly put the bulls on the defensive. Last July’s low at 30200 is a critical floor and its breach may expose the index to a sharp sell-off towards 29000, confirming a bear market for the weeks to come. An oversold RSI attracted some bargain hunters. The support-turned-resistance at 31500 is the first hurdle in case of a bounce.
