US30 Analysis, can support hold for buyers?

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Today's focus: US30

Pattern – Support point, descending triangle.
Possible targets – Downside 31,840 Upside 31,160
Support – 33,033
Resistance – 33,705

Thanks for checking out today’s update. Today’s analysis is over the US30 daily as price sits around support in a descending triangle pattern. Yesterday price broke lower after buyers failed to beat Monday’s high. The debt ceiling issue continues to look like the key issue, with price reacting negatively after no ground was made on Tuesday.

This could continue to drive momentum, and bad news could equal downside risk, while a deal could give buyers plenty of drive. This week’s meeting minutes are another factor; traders will be looking for more clues on rates and how the Fed is seeing inflation atm. We are also hoping to hear more about how the banking issues are factoring into the Fed’s view.


Thanks for stopping by. Good trading, and have a great day.