Short
US30 UPDATE
Later today CPI data will be published, expected rate is 8.8% if printed as expected or higher the dollar will rally higher and risk assets will fall lower. We also have resurging corvid cases in china putting added pressure onto risk assets.
From a Technical perspective the momentum is clearly bearish, price is trying to keep above the psychological level of 3100 and currently forming a double bottom formation, the higher price climbs today ahead of the CPI release the more liquidity will be created below to move into - we will be monitoring PA inside of the 4H zone of confluence for more short entries.
If price sweeps the lows BEFORE coming to our POI this will change our perspective. 👀 In trading we have to be ready to react to the market in either direction.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.