- Dow’s sell-off from the critical resistance of 18,000 to 50-DMA of 17,743 today suggests correction from June 27 low of 17060 has ended and the index could see sideways to bearish move today.
- On the downside, doors remain open for a relook at 17,538 (23.6% of Feb low-Apr high).
- On the higher side, only a daily closing above 18K would indicate a correction from 18k level has ended and the rising trend from June 27 low has resumed. The cyclical high of 17,167 stands exposed in this case.
