Concerns over Chinese economic slowdown weighed in worldwide stocks, with almost all major indexes closing in the red. In the US, the DJIA closed down at 16,001.89, having lost 312 points or 1.92%, the worst one-day decline in over a month. Commodities were under pressure amid news saying that Chinese industrial activity has fallen sharply in August, whilst the biotech sector also fell sharply, amid concerns that increasing political pressure will put an end to the latest drugs' price increases. The index fell briefly below the 16,000 level, and hovers around it right after the close, with the daily chart showing that the bearish momentum has accelerated after the index failed to overcome its 20 SMA, whilst the technical indicators have accelerated their declines and maintain their bearish slopes well into negative territory. In the 4 hours chart, the index is now below its moving averages, with the 20 SMA gaining bearish tone around 16,234, while the Momentum indicator heads lower below its 100 level and the RSI hovers around 35, all of which supports additional declines, particularly on a clear break below the 16,000 figure.

Support levels: 15,980 15,900 15,810

Resistance levels: 16,061 16,145 16,234



Reported by One Financial Markets Co.
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