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DJ30: high shock

Fundamental analysis:

The Dow Jones Index closed down 55.83 points, or 0.17%, at 33618.55 points on May 8 (Monday). According to market news, Republicans in the U.S. House of Representatives proposed a bill to raise the debt ceiling, namely the Limits, Savings, and Growth Act. If Biden doesn't sign the bill or refuses to negotiate, the economy will take a hit.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum has been strongly pulled up and then encountered resistance and shocks. The short-term bullish sentiment has shown signs of weakening, but the upward trend remains. The MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;

Resistance level: 33775 33864

Support level: 33545 33454

Trading strategy: Bullish above 33636, target 33775 33864
Alternative strategy: bearish below 33636, target 33545 33454

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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