The Dow Jones 30 inches higher as investors await the Fed’s policy meeting. A short squeeze above the September high at 32600 has put the bears on the defensive. Heightened volatility shows that wrong-footed traders were looking to bail out. As the index climbs back towards August’s high, 33100 at the origin of a previous sell-off is the next hurdle. The RSI’s overbought condition may trigger profit-taking and a pullback from this demand-turned-supply area. 31900 is the first level to gauge the strength of follow-up bids.
