The Dow Jones Industrial Averagewill struggle to make gains from here and is likely to sink toward 9,600 points and could go even lower, Chris Zwermann, technical analyst from Zwermann Financial, told CNBC Wednesday.
"The Dow Jones is really below all these moving averages, but even more, these moving averages have created in the meantime selling signs," he said.
The Dow managed to close higher Tuesday at 10,230 points, giving hope to some of the market bulls, but the gain isn't enough to change the gloomy technical picture for the index, Zwermann said.
"Looking at the whole picture, the market needs a hell of a lot of dynamic to go through all these resistance points and I don't think it's possible to do it," he said.
"That means we're going lower from here, even with this slightly positive sign from yesterday, and the targets are more-or-less below this 9,600 and even later on lower," he said.
Click here to read why one analyst thinks stocks are "extremely cheap" right now.
- Watch the full interview with Chris Zwermann above.