US30 Intra-Week Analysis July 6th 2022
Last week on us30 we got that bearish closure below 31400 and with that we expected price to clear that range to test 31000. We continued to break below 31k and drop all the way to 30500 creating a double bottom to end the week back at 31k. The reason for this aggressive bearish move was the market pricing in the Federal Reserve announcing their 0.75bps rate hike decision to combat inflation. This week we began slightly bullish before dropping to retest the 30500 key level for a third time. As price is sitting in a key demand zone if get a bearish closure below 30800 we can expect price to continue to 30500 otherwise buys above 31k to test 31400. The FOMC meeting today will likely give us a breakout in either direction based on what is discussed, more hawkish news will lead to a drop on equities.
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