US30 Intra-Week Analysis March 8th 2023

8 мар. 2023 г.

Last week, the US30 index tested a key level of 32500, and despite bullish efforts to maintain strength, we were unable to break below it. Instead, we saw a slight relief rally to end the week at the 33400 level. As we entered the new week, our main bias was bearish, but we had to remain adaptive due to the upcoming FED speech and jobs data. Powell's hawkish speech indicated further tightening of financial conditions and efforts to fight inflation, causing US30 to flip bearish and drop back into the range just above 32500. If Dollar Domination continues, it's likely we'll see price consolidation as we pick up new orders, and we may potentially begin trading below 32500. Alternatively, we could see a potential liquidity grab to the upside if buyers attempt to squeeze in more profits before the market shifts.