The Dow Jones 30 popped higher driven by hopes that US inflation has peaked. On the daily chart, the index is consolidating within 32500 and 34800 after clearing the mid-August high of 34200. This provides a wide swing range on the hourly chart as bulls and bears wrestle for control. The base of the January take-off 32900 is a key support and triggered traders’ ‘buy-the-dips’ instinct. 33300 is a fresh support and renewed buying interest would pave the way for a recovery to 34000 where selling pressure could start to reappear.
