My last Finlogix analysis today goes to the DJ30 index.
 
The February 26 trade plan has triggered a stop loss after holding the trade for 10 days 20 hours:
 https://www.finlogix.com/analysis/20240226/dj30-intraday-analysis-and-trading-plan-for-february-26-2024

Just like the S&P500, this marks my first loss on the DJ30 index.
 
Upcoming High Impact Economic Report
 
The markets are expecting another busy report week with 9 major macroeconomic releases including a new speech from Powell due on Thursday.
 
Intraday Analysis
 
Re-assessing DJ30’s high timeframe candles:
 
Yearly Candle: Last check is a Small Green Candle now a Green Body with a Big Body and Longer Tail Wick
Monthly Candle: Previous close is a Green Body with a Longer Tail Wick current is developing a Green Shaven Bottom
Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is developing a Green Shaven Bottom
Daily Candle: Thursday close is a Green Doji current is developing a Green Shaven Bottom
 
The broken 39K level during March’s rally has flipped into a support.
 
In my honest opinion, it will be retested later on after the DJ30 index upward trajectory target is determined for a start of a small to moderate price correction.
 
At time of writing, both the monthly, weekly and daily candles are forming green shaven bottoms that might potentially become a green body.
 
As the index is hovering in a new price discovery range, there is always a threat for pullbacks.
 
Trade Plan
 
I’m still a short for the index, I am willing to risk minimal losses and looking for sell setups only.
 
On the 4H view, I’m assuming the index is already in a corrective structure hinting for a new move soon.
 
While the majority sees an uptrend continuation, I’m seeing pullbacks.
 
Still bullish for the long term of course but I’m looking for short term opportunities.
 
Here’s my updated short trade entries to target the 4H 50-SMA:
 
Sell Entry: 39979.00
 
Stop Loss: 40199.00
 
Take Profit: 39499.00
 
Risk to Reward Ratio: 2.06
 
Conclusion
 
I can only afford for small losses while the DJ30 index is still in a higher price discovery mode.
 
Worth the risk and it will be a good thing to see the index back at 39K sub levels!
 
Good luck on this one.
 
Trading involves risk.

DJ30 Intraday Analysis and Trading Plan For April 1, 2024

Apr 01 2024

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