Dow Jones - Targeting All-Time Highs - FED in play

Dow Jones alongside all US equity indices is in a strong uptrend despite the recent price action. All eyes on todays' FED press conference. It looks like the markets have already priced in another i/r hike of 25 b.p. IF fed will change its tone and the comments will be more Dovish, there is clearly the risk that the US equities will fly and continue reaching all-time highs.

Technically the Index is trading in a down channel and the price retraced 38.2%. RSI and Stochastic approaching oversold levels. Furthermore, there was a break of the downtrend on the RSI. All of the following are extremely bullish signs and the market is ready to further rise in the upcoming weeks/months.

The idea is to trade the break of the countertrend line. Personally going to place a buy order with a stop loss below the previous low. Pretty good R.R.R. of 4.24. Target just under 27300.

A break of the bottom of the channel will cancel the trade set up.

Order cancelled:

Unfortunately, the comments from the FED's chairman Powell had been slightly Hawkish than the market has initially expected. Going to cancel the trades set-up and the order.
Anyway, still have a bullish outlook on the US indices for the longer-term