Updated
US30 Intra-Week Analysis May 9th 2022
Last week began with very low volume and price was just ranging between 33k- 33300 as we were waiting in anticipation for the FOMC rate data to come out. That bull run we saw to 34k on us30 was price reacting to FOMC discussing the 50 bps rate hike as-well as a neutral statement from Powell repeating similar info from his IMF. That move was simply a short lived squeeze to liquidate positions out of the market from a previous price sensitivity level of 34k. We began to correct that move and continued bearish to end the week at 32500. This week as we dig lower toward the key demand zone of 32k if we see any exhaustion around 32200 we could easily see price react and come back up to retest the 33k area and grab some more liquidity before coming back down. Or for continued sells to be valid we'd need to see a break below 32k.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.