US30 Intra-Week Analysis May 17th 2022

Last week we saw the market cycle beginning to shift as investors begin to price in these aggressive rate hikes. Us30 broke the yearly lows of 32k and drove deeper to test 31200 before rejecting and coming back up to end the above 32k. As sellers continue to print lower lows our bias is still toward the downside. This week we've already came back up to retest a key intra week support level of 32500 and failed to break above maintaining the bearish structure. If price continues bearish to break below 32200 we could see price continue back down to the previous weekly lows or if we get a break above 32600. we will likely get a continuation to 33k before coming back down.