Chart of the day

DJIA is rejected from 34550 and is reversing lower to test the recent uptrend line support 33400.

A confirmed break below this resistance of 33440 after that is required for the long-term fifth wave upside to be invalidated and to start the third wave downside. A break above 34550 key upside resistance is required for the upside continuation and an extension higher. If we do not see a break below 33400 now we can see another test of 34550 near-term and then we will know more about the prevailing direction of the market.

Long trades, you should open only upon a bounce from 33400. Short trade entries only upon a break below 33400. Be patient and careful both intraday and long-term as we will see a directional break soon