Stocks are likely to continue dropping today as inflation concerns are causing commodities to rise and bonds to fall with rising yields making equities look overvalued in comparison. The Dow Jones index is now back below near-term and long-term moving averages, on the hourly timeframe, forming a lower-highs-lower-lows bearish pattern, with 31300 and 31210 as next key support levels.

Support: 31300 / 31210
Resistance: 31475 / 31600

 

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