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.