17.4 and 16K are nearest targets

19 de set. de 2022

Morning folks,

So, miracle has not happened, and phantom bullish setup that we've discussed last time has been vanished. We see now multiple fundamental reasons of downside continuation, not only Fed move for 1%. Dollar Index analysis shows that currency should reach 113 point level, households start selling stocks, which is necessary factor for collapse on stock market. US Strategical crude oil reserves equals commercial ones, which means no export any more and no ability to burn reserves to hold price rising. Inflation will keep going higher. All these moments are negative.

On daily chart we have clear bearish dynamic pressure - MACD trend stands bullish while price action is not. Second important issue- price has failed to jump back inside the flag. Thus, although our long term target as 12.2K and 9K, in near term we're watching for 17.4K and 16K