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US30 Dow Jones Short

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Dear friends and new viewers,

So far it seems that the Dow Jones is experiencing some resistance on its current price pullback. IF we break through the 50-day MVA and break through this key level of resistance we could see a return in an upward trend.

Even though it may seem tempting to enter a long here I would recommend a short instead since I am still bearish on the overall market. This could end up being a bull trap and could lead to a bearish outcome.

With the REX not showing a buy signal and since we are below the 50-day MVA as well as Jerome Powell still hiking interest rates, I believe this will be a bearish outcome.

Trade with caution,

~MC

forbes.com/sites/simonmoore/2023/02/02/fed-plans-a-march-rate-hike-but-will-that-be-it/?sh=4cc636df6fc4 (FED rate hike for March, the meeting occurred and rates did get hiked.)

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