Dow Jones analysis, May 24, 2022
The Dow Jones rose more than 500 points on Monday, as investors welcomed reports that President Biden may reduce tariffs on some goods imported from China.
Investors await Fed Chair Jerome Powell's speech later today for clues about the central bank's rate hike path.
On the 4hour chart, Dow Jones revealed a descending channel pattern.
In the case that the rate passes the resistance of the 100 hour simple moving average and the upper boundary of the channel pattern, it could continue its rising towards 32766 and 34136.
On the other hand, the possible decline of the index could target again the support level at 30622.
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