Chart of the Day: Dow Could Drop to Its 200

,Registration and store opening process of cross-border e-commerce platform , and all falling.

and the being more hawkish than had been expected this week. With interest rates now seen rising and remaining higher for longer, this has further increased worries about an already-weak global economy. Instead of a soft landing, there are fears that these central banks might create a hard landing in two of the world's largest trading blocs by signaling that their restrictive monetary policies are going to remain in place for longer than expected. The ECB President Christine Lagarde said they will keep raising interest rates at a 50 basis-point pace "for a period of time."

in . If the S&P 500 bounces there, it could lift the other indices. Still, the path of least resistance would remain to the downside for as long as the now-broken 3915 level holds as resistance.

is concerned, it still has a distance between where it was at the time of writing and the 200-day average at just below key support of around 32500.

, and are all below their respective 200-day MAs. Clearly, the Dow has been outperforming in the recovery that started in October.

Disclosure: The author does not own any of the securities mentioned in this article.

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