On the daily chart below, we can see that after the deeper pullback since the US Retail Sales miss and the fears around the First Republic Bank, the market yesterday bounced from the key 33538 support level Support Level A trading support or support level represents a given price that acts as a temporary barrier for an asset. In particular, this level ensures an asset’s price will not fall below it or will encounter difficulty in doing so.All assets can utilize supports, be it forex, equities, commodities, etc. A given asset's support level is created by buyers that enter the market whenever the asset falls to a lower price. Basic support levels can be calculated and charted by identifying the lowest lows for a A trading support or support level represents a given price that acts as a temporary barrier for an asset. In particular, this level ensures an asset’s price will not fall below it or will encounter difficulty in doing so.All assets can utilize supports, be it forex, equities, commodities, etc. A given asset's support level is created by buyers that enter the market whenever the asset falls to a lower price. Basic support levels can be calculated and charted by identifying the lowest lows for a Read this Term as the US GDP showed a better picture than expected under the hood and the US Jobless Claims beat forecasts after several weeks of misses.

This strong bounce coupled with good data should give the buyers the conviction to push the price towards the 34477 resistance barring any ugly economic data the next week.

Dow Jones technical analysis

On the 4 hour chart below, we can see that besides the 33538 support there was also the 38.2% Fibonacci retracement level. The strong momentum to the upside made the moving averages to cross to the upside, which may be an early signal of a change in trend. This bounce came also after the market corrected back to the base of the previous divergent rally towards the 34200 level as depicted by the MACD. This should make the trend healthier.

In the 1 hour chart below, we can see a possible strong support zone for the buyers in case the price pulls back a bit after such a strong rally. In fact, around the 33750 level we have the confluence of the previous swing high level, the 38.2% Fibonacci retracement level and the red long period moving average.

This is a nice area where the buyers are likely to pile in for another push to the upside towards the resistance at 34477. The sellers, on the other hand, will want to see the price to breach that zone to the downside before they can jump in and push the price towards the support at 33538.