Lee Kuan Yew wrote a post · Nov 17, 2022 21:45

Dow Jones Index bears shooting their shot 🐻🔫📉

Hello good day fellow traders!

I'm looking for a potential sell📉 setup for $Dow Jones Industrial Average (.DJI.US)$ , with both fundamental and technical indicators to back it up.

📰Fundamentally,

- S&P 500, Nasdaq close lower for a second day as investors weigh outlook for higher interest rates

- Stocks fell Thursday and bond yields jumped as Federal Reserve officials signaled their rate-hiking campaign to slow inflation is far from over.

- Investors weighed comments from St. Louis Federal Reserve President James Bullard, who said in a speech Thursday that “the policy rate is not yet in a zone that may be considered sufficiently restrictive.”

- The policy-sensitive 2-year Treasury yield jumped to 4.45% Thursday, raising fears higher rates would send the economy into a recession.

🤔On the technical front,

1.) Looking at the H4 chart, although price is on a bullish up-trend, I'm looking to potentially play the pullback with my sell entry at 34106.01, where the previous high is located.

2.) I have a pretty safe stop loss set at 35492.22 where the previous swing high is located.

3.) I am looking to take profit at 32135.41 where the 61.8% Fibonacci line is located.

Trade Entry recommendations:

Sell Entry: 34106.01📉

Take Profit: 32135.41 💲

Stop Loss: 35492.22❌

Other tickers to recommend:

For 5x Long Leverage: $DJIA 5xLongSG250911 (CUJW.SG)$

For 5x Short Leverage: $DJIA 5xShortSG250911 (CVFW.SG)$