After ending the previous session at its lowest closing level in over seven months, the DJIA ended Wednesday's session flat as traders digested some disappointing economic data, including a steeper than expected drop in durable goods orders in October. Jobless claims however rose to 224,000 beating economists' expectations. Ahead of an early close on Wall Street today for Thanksgiving Day, trading activity is likely to remain subdued. A lack of major US economic news is likely to help keep traders on the sidelines.
While still in a long-term uptrend, the short and medium-term trends for the Dow both turned bearish already, with recent attempts at rebounds failing miserably and any likely catalysts for a decent rebound hard to find. A rebound back to the 25000 resistance however is highly likely with the 24355 acting as a key technical support for now. The RSI on the 4H chart looks bullish as well signaling further movement upwards for the next few days.
Support: 24355 / 24355
Resistance: 25000 / 25275