The Dow Jones ebbs and flows as investors probe risk appetite at the start of the year. The index has been struggling to hold onto the critical floor at 32500. The horizontal consolidation is a sign of a fragile balance and a breakout would heighten volatility due to increased pressure from both sides, shaping a new trading range for the days to come. A close above 33450 may carry the index back to 34100. However, a bearish breakout could trigger a new round of sell-off towards 31500 with more buyers abandoning ship.
