YM1! US30USD DOW 2023 JAN 23

23 Jan 2023

YM1! US30USD DOW 2023 JAN 23

Last week, Dow Scenario1 rejection of 34605 short yielded 900pts
(trail stop TP).
With this rejection, DOW now exhibits rotation behavior
34605 - 32789.

Possible scenarios:
1) Rotational play: Trades can be executed at boundary of rotation
range 34605 / 32789.
- Long if supported at 32789
- Short if rejected at 34605
2) Rotational breakout/breakdown:
- If price breakout, long when price retraces and finds support
- If price breakdown, short when price retraces and is rejected

Volume Analysis:
Weekly: Low vol wide spread S>D bar = weakness
Daily: Ave vol up bar close at high = No demand
H4: High vol up bar closed off high = minor weakness

Price reaction levels
Short on Test and Reject | Long on Test and Accept

35750 35228 34416-34605
32789 30513
28635

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Have a profitable week ahead.