DJ30: high shock

The Dow Jones index closed up 112.64 points, or 0.33%, at 34302.61 points on January 13 (Friday); the market has digested the expectation of a perfect soft landing for the U.S. economy and assumed that the U.S. will cut interest rates later in 2023. However, given the sharp tightening cycle the U.S. has just seen and the severity of inflation, 2023 is likely to see more knock-on effects, whether in terms of corporate performance, wage pressures or a deep global recession. So, be wary of a possible reversal in the dollar.

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

Looking at the 4-hour chart: the high-level bullish momentum maintains a narrow range of shocks and continues to move upwards, and there is a short-term high-level consolidation trend. The market is still bullish.

Long-short turning point: 34357

Press: 34495, 34574

Support: 34267, 34178

Trading strategy: Bullish above 34357, target 34495, 34574

Alternative strategy: bearish below 34357, target 34267, 34178