The Dow Jones /US30 is currently experiencing a test of new highs as the ongoing rally continues. Yesterday's market performance was robust, with a significant number of index components showing upward movement. Notably, the RSI on the 4-hour chart has now entered into overbought territory.
Furthermore, the RSI on the daily chart also reached overbought levels yesterday, suggesting an increased likelihood of a potential pullback to retest the 4-hour, 8-hour, or daily demand zone. Such a pullback would serve to collect liquidity and fill the imbalance below.
Given this scenario, the Dow Jones may exhibit heightened sensitivity to the upcoming Federal Reserve decision. As a professional trader, it is of utmost importance to diligently monitor market conditions and respond appropriately to manage potential risks and capitalize on opportunities.
Furthermore, the RSI on the daily chart also reached overbought levels yesterday, suggesting an increased likelihood of a potential pullback to retest the 4-hour, 8-hour, or daily demand zone. Such a pullback would serve to collect liquidity and fill the imbalance below.
Given this scenario, the Dow Jones may exhibit heightened sensitivity to the upcoming Federal Reserve decision. As a professional trader, it is of utmost importance to diligently monitor market conditions and respond appropriately to manage potential risks and capitalize on opportunities.
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yields higher during the waiting Fed's interests rate decision period, When Treasury yields rise, indicating higher interest rates in the economy, it can lead to a decrease in the attractiveness of equities like those in the US30 index. Higher yields may offer better returns on fixed-income investments, which can draw investors away from the stock market.