DJ30: Short Positions and Weak Positions

Fundamental analysis:

The Dow Jones Index closed down 93.85 points, or 0.32%, at 29202.94 on October 10 (Monday); With the increasing pressure of the Federal Reserve to raise interest rates to ease inflation, the number of non-agricultural employment will begin to shrink at the beginning of next year. It is estimated that the rate of employment growth in the United States in the fourth quarter of this year will roughly reduce by half, and about 175000 jobs will be lost every month in the first quarter of next year.

Dow Jones DJ30 - 4-hour K chart shows:

Technical analysis:

The 4-hour chart shows that the power of short sellers drops rapidly, the low position is weak in a narrow range, and the market continues to move downward in the short term. The MACD indicator is weak in the short position area, and the RSI indicator is narrow in the lower side of the 50 equilibrium line;

Empty turning point: 29358

Pressing: 29551, 29721

Support: 29080, 28914

Trading strategy: 29358 lower bearish, target 29080, 28914

Alternative strategy: bullish above 29358, target 29551, 29721