US30 Intra-Week Analysis March 12, 2024

As expected, once we saw price trading below 38800 we got the bearish move to continue down to test the 38500. After seeing a lot of back and fourth movement price came back down to test 38500 again creating a double bottom, which is an indication of a potential reversal which we saw pushing price back to 38800. After the CPI data came out the volatility showed slight indecision but more bullish momentum to then bring us back up to 39000. This week from this price point if we begin trading above 39000 expect price to retest the current All-Time-Highs or look for a retest if 38800 before seeing a bullish move back to 39000 or 39200.