US30 Intra-Week Analysis May 16th 2023

Last week volume on us30 began to slow significantly compared to the previous week with the rate hike decision. After ranging above key level 33500 we slowly made our way down to test 33150 once again before ranging between 33500-33150, failing to break above or below. This week our bias is still bearish due to the continued rate hikes and lack of FED pivot but for us to see a bearish move we'd need price to trade below 33150 which we'll then set our target to 32600, clearing the range. Otherwise, if price breaks above 33400 or 33600 we can begin looking for buys to 34k.