The Dow Jones index pulls back as traders await updates from the Fed’s Jackson Hole meeting.
Price action’s V-shaped rebound is typical of buying-the-dips from the demand zone near 34600. By lifting offers around 35450 the bulls have signaled their commitment to maintaining the uptrend in the medium-term.
The index is seeking support after it erased losses from last week. 35200 is the first support as the RSI dips into the oversold territory.
A break above the peak at 35600 would extend the rally to new all-time highs.