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US30, are Sellers Getting Ready to Test 30,550?

September 16, 2022
by Joseph Jeffriess, Market Analyst

In today’s video, we are looking at the US30. We start with a longer-term view and move down to the short term. Overall, the market continues to trade in a corrective phase that could be called a bear market.

The issue we see here was the last relief rally that broke the downtrend. While it did upset the pattern of the downtrend, sellers now look to have broken that trend, and Tuesday’s session could be a bit more than an exhaustion bar as sellers so far today have made a new LL maintaining a normal pattern of trend.

After yesterday’s latest move lower, could we be set to see 30,550 retested by sellers? That could become an important point if buyers can hold it. We will then look to see if a new LH and retest of the area could re-confirmed. Otherwise, a new break could set up a new move that could test the 30,000 area.

A lot will depend on the current inflation outlook guided by future data and the Fed. Interesting times. We love hearing from you, so please drop us a comment on your thoughts.

Enjoy your Friday and good trading.

US30 Analysis Video

 

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