Micro E-mini Dow Jones Industrial Average Index FuturesCBOT
Description
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Type : Bullish Rise Resistance : 35410 Pivot: 34016 Support : 33432
Preferred Case: On the H4, with price moving above the ichimoku indicator and along the ascending trendline , we have a bullish bias that price will rise to the pivot at 34016 where the pullback resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 35410 where the swing high resistance, 161.8% fibonacci extension and -61.8% fibonacci expansion are.
Alternative scenario: Alternatively, price could drop to 1st support at 33432 where the pullback support, 23.6% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: Since investors have seen evidence that inflation has peaked, we have a bullish view on the dow jones index.