Itskaleel

Itskaleel

Last week we saw us30 break out creating intra-day highs before pricing in the higher than expected CPI data and continuing the rest of the week bearish ending at 33800. This week, as price begins to break below 33400, we could likely see continued bearish momentum to test 33000 with the economic data supporting this bias. We must be cautious as the FOMC meeting...

Itskaleel

Last week we saw price continue to range without showing much direction after Powell gave a very optimistic speech but included the fight against inflation is not over. Price came up to test 34300 and failed to break above before flipping bearish to test 33500, failing to break below as well. Momentum shifted bullish to end the week in anticipation of the CPI data...

Itskaleel

Last week on us30 we saw price breakout bullish to test 34300 as it priced in the 25bps rate hike and dubbish tone from Jerome Powell during the FOMC speech. We then continued trading back in the range between 33800-34100. This week we begin with minimal volume in anticipation for another FOMC meeting today where they will discuss whether they will maintain this...

Itskaleel

Last week with liquidity being low on us30 we didn't see much direction other than price ranging between 33800 and 33500 before breaking out above to retest 34100 then correcting that move and starting the new week back in that range. This week will be heavily news impacted as the US economic data is released mainly the FOMC Fed statement. Which likely determines...

Itskaleel

Last week on us30 we saw the worst decline in retail sales for December in history, significant because December is supposed to be the biggest spending month. As the market priced this in we broke out of the uptrend we were in and tanked about 1200 pips to the start of the year lows 33k. Since then price has corrected the majority of that move and is now sitting...

Itskaleel

With price testing 33900 and rejecting to rally and close the week above 34200, it's clear we are respecting this uptrend. Creating higher highs and higher lows. This week if we keep the optimistic sentiment on equities we'll likely see price make its way to 34600 with a potential retest of 34100 before making that move. Once we reach 34600 we can then make a...

Itskaleel

Last week we saw us30 continue to range between 33500 and 32800 due to the mixed us economic data. We then saw a breakout to the upside to end the week printing new intra-week highs at 33900 due to bad PMI data and factory orders data. The reason we saw us30 bulls despite this bad economic data was because with this data the market prices in the hopes that the...

Itskaleel

In the last 2 weeks, we saw us30 spike up to just below 35000 then continue bearish up until this week. The bullish move was the market pricing in the lower yearly CPI(Consumer Price Index) and inflation data deeming the markets optimistic. The following day we saw us30 entirely correct this move then continue bearish due to the FOMC meeting and another 50 bps...

Itskaleel

Last week we saw volatility us30 begin to slow as we begin trading at the 34k key level creating an order block as price struggles to trade above 34k. Price has now pushed below to retest 33500 directly after the FED news pushed price to test 34500. This week our bias is still bullish as price is at the key resistance level of 33500, rejected, and is now making...

Itskaleel

Last week on us30, we got a nice reaction at the 34k key level creating a triple top. We expected price to reject and continue bearish, which ended up being a brief liquidity grab to 33100 before continuing back to 34k. This week price is now breaking above this key level which could lead us to price beginning to trade above or potentially continuing bullish to...

Itskaleel

Last week we saw price break above 33500 and begin trading above, leading us to expect a push to key level 34000 which we saw. Price has begun reacting at this key level 34000 that we've visited and rejected 2 other times. As we've now formed a triple top on higher time frames and now on the intra-day time frames, price action and probability can lead us to assume...

Itskaleel

From late August to late October us30 was in a bear market rally dropping 5000 pips to pre pandemic highs due to continued FED rate hikes. As FED speakers began to decrease their hawkish tone and discuss their anticipation for less rate hikes in the coming months us30s price began to reflect this as it rejected at the 28900 lows creating a double bottom and...

Itskaleel

From late August to late October us30 was in a bear market rally dropping 5000 pips to pre pandemic highs due to continued FED rate hikes. As FED speakers began to decrease their hawkish tone and discuss their anticipation for less rate hikes in the coming months us30s price began to reflect this as it rejected at the 28900 lows creating a double bottom and...

Itskaleel

Last week price pushed lower to test the key level 30200 due to the scares for a potential 100 bps FED rate hike and USD hitting highs not traded since September 2002. Price then rejected that level ending the week above 30500. This week price has already continued bullish to retest the 31500 level creating a doubled top and continuing back down to 31k. As price...

Itskaleel

Last week we got the bullish closure above 31k giving us the conformation for price to clear the range to 31400, reject, then continue to range between 31k and 31400 for the remainder of the week. This week as recession scares and FED rate increases continue to bring FUD to the markets we saw price breakout below this HTF consolidation zone and to now test 30500....

Itskaleel

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...

Itskaleel

Last week us30 continued bullish for the remainder of the week as we broke above key level 31k and quickly cleared that entire range to 31500. We broke above and have been trading between 31400-31700 with a recent breakout above to the upside to test 31900 then reject and completely correct that move. This week where price is at we can expect us30 to come down to...

Itskaleel

Last week us30 created another new low coming down to retest 29600 which are pre-pandemic highs and key level for price. We ended the week within the 30200-28800 range and demand zone failing to breakout in either direction. This week we've already began breaking out above 30200 and coming up to test 30400 key level. Our overall bias is still bearish on us30...