US30 Intra-Week Analysis Jan 31st 2023

31. Jan. 2023

Last week with liquidity being low on us30 we didn't see much direction other than price ranging between 33800 and 33500 before breaking out above to retest 34100 then correcting that move and starting the new week back in that range. This week will be heavily news impacted as the US economic data is released mainly the FOMC Fed statement. Which likely determines the direction of equities once priced in. If we see an expected 25bps rate hike or no rate hike that will continue the FED narrative of a potential economic pivot, we'll see us30 continue bullish. Otherwise, if the FEDs come with a 50bps rate hike and a more hawkish tone we will likely see us30 flip bearish. Until then though, buys above 33800 and sells below 33400. Be cautious this week, an intelligent trader knows when NOT to trade.