Here's the latest technical picture for the Dow (as of Wednesday's close, per FXStreet):
Resistance levels:
~52,500 — intraday rebound cap, the first hurdle
~52,850 — this week's breakdown origin
~53,000 — psychological round-number level
~53,333 — this week's record high
Support levels:
~52,056 — Wednesday's session low, just above the 52,000 round-number mark
~51,600 — late-June congestion zone (would come into play on a daily close below 52,000)
~51,000+ — the 50-day EMA sits just above here
The Dow gave back roughly 700 points on Wednesday after President Trump told the NATO summit in Ankara that the ceasefire with Iran is over, following Tuesday's attacks on commercial vessels in the Strait of Hormuz and a US military response against Iranian targets. The near-term bias is skewed lower — rallies into the 52,500 resistance zone are being treated as selling opportunities while oil holds its bid, and only a daily close back above 52,850 would put the recent record-high run back in play.
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