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DJ30: shock retracement
2023-01-31
1066
Fundamental analysis:
The Dow Jones index closed down 260.40 points, or 0.77%, at 33717.68 points on January 30 (Monday). As economic indicators such as the U.S. manufacturing PMI begin to show that the economy may be cooling down, the Fed may raise interest rates faster than expected. Traders are betting the Fed will raise rates by 25 basis points this week and again at a subsequent meeting.
Dow Jones DJ30 - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high volatility retreats, the market is shrouded in bearish sentiment, and there are signs of continued volatility and downward trend in the short term. The MACD indicator is weakly finishing on the upper side of the 0 axis, and the RSI indicator is weakly hovering near the 50 balance line;
Long and short turning point: 33874
Press: 33958, 34042
Support: 33736, 33654
Trading strategy: bearish below 33874, target 33736, 33654
Alternative strategy: call above 33874, target 33958, 34042
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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