The Dow Jones Industrial Average broke the three-session coil that had pinned it beneath its record, traded up through 54,200, and has since surrendered the entire move. The index sits just beneath 54,000, flat against yesterday's close, on a session range of close to 370 points that has delivered no net change at all. The breakout ran into TehranHopes that the Strait of Hormuz would reopen faltered through the session, and the equity market surrendered its gains alongside them. Beneath it, 53,500 is the first objective, with the 50-day Exponential Moving Average (EMA) near 52,200 a long way below. A daily close beneath 53,800 invalidates and opens 53,500.