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Indices | US30 Analysis | Will Support Hold For Buyers?

Published: 24.05.2023
by Joseph Jeffriess

Today’s focus: US30

Pattern – Support point, descending triangle.

Possible targets – Downside 31,840 Upside 31,160

Support – 33,033

Resistance – 33,705

Thanks for checking out today’s update. Today’s analysis focuses on the US30 daily chart, where the price is currently positioned near a support level within a descending triangle pattern. In yesterday’s trading session, the price experienced a downward break as buyers were unable to surpass the high reached on Monday. The debt ceiling issue continues to look like the key issue, with the price reacting negatively after no ground was made on Tuesday.

This could continue to drive momentum, and bad news could equal downside risk, while a deal could give buyers plenty of drive. This week’s meeting minutes are another factor; traders will be looking for more clues on rates and how the Fed is seeing inflation atm. We are also hoping to hear more about how the banking issues are factoring into the Fed’s view.

US30 Analysis

Thanks for stopping by. Good trading, and have a great day.

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