Hello everyone,
After todays FOMC meeting which saw an increase to the Fed Funds rate by 75bps, the hint for Fed's Powell continued inflation pressures yet to be resolved are clear. The hint for "Fed Pivot" was not, with clear emphasis that hikes should continue.
Technically, on the Weekly TF, DJI is facing strong resistance at 0.786 fib level as well as top of 50 MA, which seems to have a rejection. The move was sparked by hitting the 0.5 (50% retracement) on Pivot hopes as well as earnings hopes. It is very likely we should test major support level of 28600, if not, a move onto to trend line support. Elliott wave count also suggest a top of the current trend.
With both earnings and Pivot hopes being crushed, I'm waiting for further economic data which could give me an idea for the next possible moves of DJI.
Let me know what you think.
After todays FOMC meeting which saw an increase to the Fed Funds rate by 75bps, the hint for Fed's Powell continued inflation pressures yet to be resolved are clear. The hint for "Fed Pivot" was not, with clear emphasis that hikes should continue.
Technically, on the Weekly TF, DJI is facing strong resistance at 0.786 fib level as well as top of 50 MA, which seems to have a rejection. The move was sparked by hitting the 0.5 (50% retracement) on Pivot hopes as well as earnings hopes. It is very likely we should test major support level of 28600, if not, a move onto to trend line support. Elliott wave count also suggest a top of the current trend.
With both earnings and Pivot hopes being crushed, I'm waiting for further economic data which could give me an idea for the next possible moves of DJI.
Let me know what you think.