The DJ30 index bulls managed to print a new May high record above the 40000 level before price reversal. A latest downtrend in development!

To start today’s Finlogix analyses, I’m going to update the DJ30 index.

After holding 18 days and 2 hours, my May 10 long trade plan has exited in another loss:

https://www.finlogix.com/analysis/20240510/dj30-intraday-analysis-and-trading-plan-for-may-10-2024

There are 4 American major economic reports left for this week after better-than-expected CB Consumer Confidence figures last night.

Further stronger figures specially the Unemployment Claims on Thursday may aid in extending equity markets’ sell-off.

Re-assessing DJ30’s high timeframe candles:

Yearly Candle: Last check is a Green Body now a Green Long Upper Shadow

Monthly Candle: Last check is a Green Body with a Short Tail Wick now a Green Long Upper Shadow

Weekly Candle: Both previous and current are Red Body

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Red Shaven Head

The DJ30 index fails to print a new high record for the month of May.

We can see a more than 50% monthly pullback wick suggesting a profit taking.

For now, there’s a continued downtrend after the recent swing high indicated above with a respected bearish FVG and bearish order blocks.

We can also see a previous up wave just finished on May 20-21 that started its way on May 1’s 4H small red long lower shadow that caused the upward reversal.

This will be my point of retracement levels to determine the next discount array since the index is now in a confirmed downtrend. 

The previous long trade was great but fell off 1K points of its 41000 take profit level.

As a result I’ve given away the supposed gains and ended in a stop loss.

Now that a previous up wave has been completed and in a new down wave seeking discount arrays down low, I’ll still be focusing on looking to buy setups despite the bearish pressures happening in DJ30.

I will be putting a long position on the said retracement levels above specifically the 78.60% fib with a stop loss just a little above the previous up wave’s start while taking profit around the 39200 levels if price rebounds.

These are the buy orders to play this out:

Selling is more favored with the incoming 4H bear crossing. I want to capitalize it.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

DJ30 Intraday Analysis and Trading Plan For May 29, 2024

May 29 2024

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