A very clean half-way retracement.

Again, hitting the ceiling a little around current levels. The bulls would be looking for a break of this immediate resistance, to further encourage their true believer status.

Around 34,625, could be an important short term pivot point if breached. It would be interesting, should that happen, to watch the sustainability of that next buying wave. Failure, back below, would act as an even more powerful warning signal that something is amiss with this whole price structure. That indeed, the markets are vulnerable in a bigger picture sense.

Dow Jones immediate pivot

Jul 21 2021