Dow Jones — false breakout starts the selloff after jobless claims

30 Apr 2020 recap — yesterday Dow had an increase of supply together with bearish price action, with the close above the support level 24270, reacting the initial jobless claims data, which was higher than economist expectations.

A break below the swing high suggests a false breakout, which is bearish and should attract short sellers to short the market. The false breakout is under the context of fading of momentum in Dow Jones. Check out the video below on using trend channel to judge the price action momentum.