Dow Jones leaned on the pivotal support of 16,241 in the short term, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (from 17,659 to 15,365), as the index searches for a bottom to buoy it higher, as it attempts to correct the main downward trend in the medium term, coinciding with anther lean on the SMA50, which gave it positive momentum that helped it bounce higher again, along with an influx of positive signals from relative power indicators.

Therefore we expect the index to rise in the coming trading, especially if it breached the resistance of 16,512, representing the ratio 50%, targeting thereafter the resistance of 16,783, representing the ratio 61.8% of the same retracement levels.

Trend Bullish