US30 Intra-Week Analysis Jan 24th 2023

24 gen 2023

Last week on us30 we saw the worst decline in retail sales for December in history, significant because December is supposed to be the biggest spending month. As the market priced this in we broke out of the uptrend we were in and tanked about 1200 pips to the start of the year lows 33k. Since then price has corrected the majority of that move and is now sitting directly above key level 33400. With price coming down to retest 33400 and rejecting its likely we could see a final bullish move to 33900 before a continuation to the downside if we continue this trend of bad economic news being factored in. Otherwise, if we break below 33400 we can expect sells to 33k.