The Dow recovers slightly higher to end at 26029 on Tuesday. Has the price of the index bottomed in its wider bullish trend?
Dow Jones index slumps after Donald Trump announced new tariffs on Chinese goods worth more than $300 billion.
The Dow index plunged over 500 points Wednesday afternoon before following comments from Federal Reserve Chairman Jerome Powell.
Dow Jones ended 0.09% lower at 27198 on Tuesday. The index failed to trade above 27250 and slumped to an intraday low of 27035 before reversing its losses.
Major equity indexes in the US started the day in the negative territory on Tuesday as hinted by the sharp fall in the S&P 500 Futures earlier in the day.
The Dow Index ended modestly higher as it gained 28 points to end at 27221. The price managed to hold above the ascending trend line from June 27th low.
It is worthy to note that the daily RSI reading is trending lower leaving the Dow vulnerable to break below the psychological support at the 27000 level.