DOW JONES INDUSTRIAL & US 5 YEAR T-NOTE

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Dow Jones Industrial Average pulls back to its long-term 200 day moving average. This is also the 5 year-long trend line support. At this point I see the market oversold. Strong support area is between 14,300 and 14,500. It is important to note that Dow Jones Industrial Average has been trading in a wide range between 14,500 and 15,500 over the past 4 months. It is now close to the lower side of that range.

U.S. 5 year T-Note completed a pullback to the broken trend support. Both trend line and the 200 day moving average are forming strong resistance between 122 and 123 levels. Unless we see prices breaching 123 levels, trend direction will be downwards.