CFD News: US30 continues to stall after fightback
Looking at US30 on the 8H we can see some signs that the counter-rally is stalling. Price remains range-bound between 33,485 and 33,170. With inflation white-hot and the talk of recession and possible heavy rate hikes, could this be a pause before we see a new push lower by sellers?
All three major US indices are showing similar patterns, but the US30 definitely looks the weakest of the three for now. After yesterday’s choppy end to the session that saw an 8H range of 602 points, price continues to sit midway at the moment with little direction.
Price sits in a fast downtrend with one lower high, but this week buyers have started to put up some defense with the start of a consolidation starting to form between support and res 1. This may also be a pause before sellers try to get going again. Res 2 is another point of resistance holding for sellers currently and if we are to start thinking about buyer recovery, we would like to see both points beaten with a new higher low to show demand.
If sellers are able to get the show back on track, we would be looking for a break of support to show that they have beaten buyers for now.
The market looks to be waiting on something to give it direction and that might just come later this week with US advanced GDP due at 8:30 EST today and the US core PCE price index, which is a primary inflation measure for the FED. With the current climate around inflation, this could be key data. It’s due out Friday at 8:30 EST.
US30 8H Chart 
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