US30 Intra-Week Analysis Jan 10th 2023

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 FEDS will pivot as we fall deeper into US recession. This week our bias is still to the upside as long as we see continued bad us economic data, improved CPI data and price maintain above the 32800 key level. We've already saw price come down to retest 33400, we could likely see another restest of 33400 creating a double bottom before continuing bullish or even a break below to 32800 before continuing bullish.