The Dow Jones sees little change as traders fear inflation will drive the Fed to keep raising interest rates.

Taking a look at the Dow Jones on a daily timeframe as the fears of further interest rate hikes from the Fed arise. From a technical outlook the index is currently trading at 29,218 with a support level below at 28,902. A break below this support level may see the index slide towards the major support at 28,589, correlating with the 0% Fibonacci retracement. Towards the upside, resistance sits at 29,480 then at 29,613. A break above the 29,613 resistance level could stimulate short-term momentum and lead the index towards the 23.6% fib level (or 29,933). Looking at the indicators, RSI reads 40 suggesting bearish but MACD is slightly positive. Traders should be aware of the potentially upcoming interest rate increase by the Fed. Some experts are expecting another 75 basis points rise due to inflation.