DJ30: high retracement

Fundamental analysis:

The Dow Jones Index closed down 112.96 points, or 0.34%, at 33517.65 points on Monday, January 9. Hedge funds began to bet that U.S. interest rates are close to peaking in 2023, and the Federal Reserve will maintain high interest rates for a longer period of time. Weakened slightly. Judging by the economic data and financial market movements in the first week of the new year, this seems to be a reasonable strategy. That underscored speculation the Fed would further slow the pace of rate hikes.

Dow Jones DJ30 - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the momentum of high-level short positions has fallen rapidly, and the market’s short-seller sentiment has begun to wait for an opportunity to enter the market. The MACD indicator is in the bullish area, and the RSI indicator is hovering weakly on the side of the 50 balance line;

Long and short turning point: 33648

Suppression: 33743, 33849

Support: 33538, 33450

Trading strategy: bearish below 33648, target 33538, 33450

Alternative strategy: call above 33648, target 33743, 33849