The Dow Jones Industrial Average is struggling at current levels and could be set to move close to 9,350 points over the next few weeks, Roelof van den Akker from ING Wholesale Banking told CNBC Tuesday.
"This uptrend is petering out and momentum is not showing any strength, not making any new highs and that's suggesting that we could see a decline within the next few weeks," van den Akker said.
A close below the "solid horizontal support" level of 10,275 points would suggest the start of a steep fall in prices toward the “200-day moving average line,” which is currently at the 9,350 points, he said.
"Be prepared for a trend change and a close below 10,275 (points) is confirming a sell signal toward the 200-day moving average line," van den Akker said.
Even though van den Akker expects the U.S .index to fall over the next few weeks, he thinks it will rally higher again after that.
- Watch the video above to see van den Akker's view on the euro versus the dollar.
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