US30 Intra-Week Analysis Feb 28th 2023

Last week, US30 continued its bearish downtrend and tested a key level at 32500. As sellers began to liquidate their positions, we saw a decrease in volume, and price began to range. This week, with even lower volume, price continued to range at this key level in anticipation of fundamental US economic data to come. We are now seeing price push even deeper into the 32500 area, and if the bearish sentiment on equities holds up with economic data supporting this, we will likely see price continue to trade below, making its way towards 31800. However, we could also see pullbacks to 32800 or 33000 before price breaks below. It's important to monitor the market closely and adjust trading strategies accordingly.