On the daily chart below, we can see that the sellers leant on the strong resistance zone at the trendline where we had confluence with the red long period moving average and the resistance level at 32684.

The price has sold off from that area as the Fed hiked interest rates by 25 bps and left everything else unchanged, including QT and the Dot Plot besides the market pricing rate cuts this year. So, the Fed is still resolute in bringing inflation down to their 2% target but has also acknowledged risks around the banking sector.

Dow Jones technical analysis

On the 4 hour chart below, we can see that after rejecting the trendline and the 61.8% Fibonacci retracement level, the price sold off pretty heavily before bouncing the following day. The moving averages have crossed to the downside meanwhile, which may be an early signal of a change in trend.

In the 1 hour chart below, we can see that the sellers will now need a clear break below the 32225 level to gain some control and start targeting the low at 31645. In case the sellers manage to break the low, we may see a bigger selloff to the 31000 level.

The buyers, on the other hand, will need to break above the trendline and the 32684 resistance level to regain control and target the next resistance at 33500.