The bear market rally in the Dow Jones Industrial Average has already seen its highs and it looks set to fall toward 965 points over the coming weeks, Roelof van den Akker, technical analyst at ING Wholesale Banking, told CNBC Tuesday.
"We have seen the highs within this bear market rally … prices are starting a correction and I believe that this short-term correction has not run its course yet," van den Akker said.
"We have to look for somewhat lower price levels for the coming weeks," he said, adding that the US stock index could fall to 965 points. The index closed at 10196.86 Monday.
After the declines, the Dow could find support at a "solid horizontal support" level around 940 points, van den Akker said.
"Sell on rallies and buy on dips," he said while taking a technical look at the Dow charts.
- Watch the video above to see van den Akker's view on the euro versus the dollar.
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