US30 show’s indecision with overhead resistance a concern
The DJIA's pre-cash open price action is uncertain. Consider FXCM's US30 CFD. Its current daily candle has a lower high but a higher lower than yesterday (blue arrows). This pattern is called an inside candle, with the bears not prepared to lower the price and bulls not prepared to take the price higher.
Despite the indecision apparent on the daily timeframe, the hourly chart does have a bullish bias. The EMAs are in bullish formation, and the stochastic is above 80. If it holds (green rectangle), the hourly momentum will increase. However, we are concerned that there is substantial overhead resistance around 33,200. This level has a triple confluence of the R1 pivot, the 61.8% retracement of the previous impulse down, and price resistance (red rectangle). This may prove too strong, given the longer term trend turmoil.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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