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Dow Jones 30 Breaks Critical Floor

The Dow Jones 30 slips over concerns of a Fed tightening overdose. A break below June’s low at 29800 may have sealed the fate of the index by putting it on a bearish track. The breakout also confirms the bearish MA cross on the daily chart, indicating an acceleration to the downside. 28500 could be the next target. A brief bounce may draw more selling interests as the downtrend resumes its course, while trapped bulls may seek to bail out in the supply zone near the psychological level of 30000, exacerbating volatility in the process.

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