US30 Intra-Week Analysis May 9th 2023

Last week was fairly volatile for us30. After starting the week with a slight fakeout above key level 34200, price rejected and flipped bearish pricing in the forecasted .25 bps interest rate increase. We then got a hawkish speech from FED speaker Powell which continued to push price down further to 33000 before stock market greed took over and we saw a reversal back to the 33400 and 33600 range. We have another heavy fundamental week ahead of us, and if majority of the US economic data comes out good for the USD we can expect another bearish week on us30, sells below 33200. Otherwise, id expect stock market greed to push price back to 34200 so investors can liquidate positions at a better price point before we see continued sells.