The Dow Jones corrected higher this week after bottoming at 14542 levels. Now the pressure will be on the key resistance 15056. The Dow Jones with have to hold above the 15056 on a daily closing basis to push the market for further upside gains if seen. It will target the 15350 levels where a breach will turn the focus on the 15550.
Alternatively, a failure to hold above the 15056 levels could mean a return to the 14542 where a breach will look at the 14340 levels.
In all… As long as 15547/15345 levels hold. It will remain biased to the downside. But a break of 15056 would delay the bearish move and bring rebound to the upside. Note that rejection on a daily basis from the 15056 levels is likely to make a lower leg below 14542 levels.
Recommendations: SHORT positions after rejection from 15056. With a target towards 14542 and 14340 as a second target. If 15056 is broken. SHORT after rejection from 15350/15550 levels on daily with a target towards 15056 /14542 levels.