US markets saw steep correction ahead of earnings season and last week's weak job report. The Dow Jones ticked down 1%. It is the biggest decline in nearly 3 months. We recommended a short note in our previous couple of reports. Traders fell even if the economy is not going well, tapering will happen. Dow until it cross and close above 16,700 it sees heavy selling pressure. If go through the charts we can see clear weakness.
Support 16,235, В 16,140.
Resistance 16,360, В 16,555.В
In the hourly charts oscillators show an oversold position. Yesterday's low is very crucial. If it breaks below that, we can see some more selling pressure up to 16,168.В