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Dow Outlook – Re-Test Of Daily 50-SMA Likely

Resistance - 17,539, 17,688, 17,811

Support - 17,399, 17,311, 174,149

Given the uptick in the European stocks and US index futures, Dow index could open on a positive note around 17,480-17,500 levels.

As long as resistance at 17,539 (23.6% of Feb low-Apr high) - 17,547 (daily 50-SMA) isn't breached, the bears are likely to remain control.

On the downside, a major support at 17,399 (Mar 24 low) could be put to test if prices fail to sustain early gains.