Dow Jones Rangebound E-MINI DOW ($5) FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT) CBOT_MINI:YM1! CW_Trades The Dow Jones Industrial Average is on its 8th day trading between the 23.6% and 38.2% Fibonacci levels while currently holding support at the 23.6% Fib level. As long as price is trading below the 38.2% Fib level the trend will remain bearish . Price is rangebound between these lower Fib levels while trending below the red downtrend resistance line which is also adding bearish pressure on price and preventing a move above the 38.2% Fib level. The Relative Strength Index ( RSI ) is still trending below the centerline(50 level) which indicates that overall momentum behind price is bearish . An RSI (green line) reading above 50 is considered bullish while a reading below 50 is considered bearish . The Price Percent Oscillator( PPO ) is still showing the green PPO line rising above the purple signal line, with both lines moving upward indicating a short-term bullish momentum trend, but both lines remain below the 0 level indicating overall bearish momentum. A PPO reading above 0 is considered bullish , while a reading below 0 is bearish . Overall, the trend behind the Dow Jones is bearish and I’m expecting an eventual move below the 23.6% Fib level as data releases continue to show extreme weakness in the U.S. economy.