YMH2022 (Dow Jones Futures) , H4 Bearish momentumType : Bearish downside
Resistance: 33949
Pivot: 33401
Support: 32157
Preferred Case: Price near pivot level of 33401 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci retracement. Price can potentially dip to the 1st support level of 32157 in line with 100% Fibonacci extension and 50% Fibonacci retracement. Our bearish bias is supported by prices trading below the ichimoku indicator
Alternative scenario: Alternatively, price may go to the 1st resistance level of 32157 in line with 100% Fibonacci projection and 50% Fibonacci retracement.
Fundamentals: We expect the downward trend to continue in midst of the Russo-Ukraine crisis as investors continue to stay away from risk-on assets such as large cap stock indices such as DJI. Until further confirmation from the FED on the rate hike circumstances, market will continue momentum with its priced in state.