Dow trying to stay above strong support

Stocks have been supported lately by the dissipating fears from the Omicron variant, as many scientists continue to believe the new strain might be more contagious but less dangerous. On Tuesday, the US top doctor Anthony Fauci said that Omicron "almost certainly" isn't more dangerous than the currently dominant Delta strain.

Later in the session, the JOLTS Job Openings for October are due, but this indicator rarely causes any market volatility. 

The vital support for short-term traders now stands at previous lows and highs at around 35,500 USD. As long as the Dow trades above it, it could stay in the short-term uptrend. However, a failure to defend that support could send the index to 35,350 USD, where the 50-day moving average is (purple line). 

On the upside, the resistance will likely be found in the 36,000 USD zone, while the medium-term upside target is at the current cycle highs of 36,500 USD.

Still, the market expects the Fed to tighten monetary policy faster than previously thought, possibly halting the current never-ending rally in stocks.