US30, Time frame: 4 HUS30, Time frame: 4 H

The attached chart highlights the importance of the support levels around 51,100 for the Dow Jones, where the index has held firm on three consecutive occasions. It also shows the index moving within a short-term downtrend, declining from around 54,400 to its current levels near 51,500, particularly after falling 0.15% in yesterday’s session.

Markets are awaiting inflation-related data today, with the Core Personal Consumption Expenditures (PCE) Price Index for September expected to rise to 0.3%, compared with 0.2% in August. The rise in bond yields to record levels, the highest in more than two decades, has also added further pressure on price action, despite the decline in oil prices during yesterday’s session. Markets are also awaiting labor-market data, which is scheduled to be released next Friday.

In summary, expectations point to a potentially decisive week for the index, with important economic data due to be released. Price action could either break above the 51,900 resistance zone or break below the 51,100 support level.