DJ30 is standinig at a support level priced at 38800 from where, a bullish price action if formed, can continue moving upwards also during the news of PCE. The market needs to retest this support level in order to reject and make another bullish impulse. The trend on the higher time frames is still higher highs and higher lows. 

The descending trendline is still pending for the breakout buy. Once that happens, the market will have another paveway for the confirmation upwards.

The retracement level of 61.8% is in confluence with the support level.

The EMA 50 is also testing the price action at the support complimenting the confluence of retracement and support region.

RSI is at 42. It would be better for RSI to fall towards the oversold region where the market can also form a bullish divergence for continuation upwards.

Bullish on DJ30

Feb 29 2024