On top of this several chart lines are at risk …. Most of them originating from the pandemic outbreak lows in 2020…..
Then this from Kim Cramer Larsson - our in-house chartist:
“With its close below support at 34,714 Friday Dow Jones Industrial Average Index has established a bearish trend. RSI below 40 is confirming the bear picture and we could see lower levels over the next week or so.
To reverse the downtrend a close above 35,510 is needed. First warning of that scenario unfolding would be for the Index to break back above the rising trend line its broke last week.
However, what is interesting is that the Future has not yet confirmed a bearish trend. The Future closed just above its support at around 34,572 Friday and has started the week on a positive note. However, RSI dipped below 40 indicating negative sentiment meaning the support could easily come under pressure next few days. A break and close below could fuel selloff down to strong support at around 33,285.”