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US30 thoughts post CPI pre FOMCHi, and thanks for taking the time to look at our latest update. We hope everyone has been hitting some trade wins. Today we are looking at the US30 after its wild session after yesterday's US CPI data. The data came in below expectations, and this continues the run of lower-than-expected releases. This remains a touch confusing, as last week, we saw the PPI increase. Inflation sits at 7.1% y/y. Is this enough for the fed to set a slightly more dovish stance this week? Message from the fed has softened, but we still expect to see rates come in 50 points higher this week. This is a decrease on previous meetings, so it's a softening in that area if it does happen. The gambler in me wonders if we could see 25 points before Christmas, but the realist thinks we will most likely see the expected 50 points. The US30 saw one heck of a fade after the CPI data, and that does make me wonder if the market is feeling edgy regarding the feds' message this week, which may coincide with a high point in the rally. For now, we see resistance at 34,600 and at 35,270. Will that feds message this meeting cement buyer confidence, or could it start a new push lower if the message moves away from the softening tone we have started to see develop? The FOMC, funds rate, statement and economic projections will be released tomorrow morning AEDT time at 6:00 am, followed by the press conference at 6:30 am.
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by Eightcap
Dow Jones Industrial Bearish Bat?Looking at this one day chart it looks to me like DJI is forming a Bearish Bat Harmonic. For me, there is a tight PRZ with a .886 D point of a Bearish Bat Harmonic, a 2.618 ABCD completion and a 2.0 AB ext. I will be looking for a reversal here, around $37,400. My whiskers are telling me that we could trend up until Friday and maybe see a dump by Monday. The Alternate Bat would be in play if we push up above this level, so we would not be out of the woods. What do you think is up next? Owhooooo!
TVC:DJI
by Akamer-the-Werewolf
Let's take a look at the MarketHi everybody! To begin almost anything, it helps having the right tools in place for the job. The moment has come for me to set up a full outlook on the DOW JONES (DJI), everything will be approximations, and can update periodically on the same thread, I think. This is a study completely based on my own understanding, and it is freaking minimal, but it is collective. I encourage suggestions and opinions. Also, I am thinking as I'm writing so I will try to clean it up for you but my brain is slippery. Let's start to begin...
DJ:DJI
by jurt