US30 Intra-Week Analysis July 18th 2022

Last week price pushed lower to test the key level 30200 due to the scares for a potential 100 bps FED rate hike and USD hitting highs not traded since September 2002. Price then rejected that level ending the week above 30500. This week price has already continued bullish to retest the 31500 level creating a doubled top and continuing back down to 31k. As price is slightly above this key level if we begin to trade below 31k we can expect sells to at least 30200 respecting that double top. But if this bearish move is short lived and we fail to break below 31k we can expect buys to 31500 then potentially even higher to 32500.