So far it seems that the Dow Jones is experiencing some resistance on its current price pullback. IF we break through the 50-day MVA and break through this key level of resistance we could see a return in an upward trend.
Even though it may seem tempting to enter a long here I would recommend a short instead since I am still bearish on the overall market. This could end up being a bull trap and could lead to a bearish outcome.
With the REX not showing a buy signal and since we are below the 50-day MVA as well as Jerome Powell still hiking interest rates, I believe this will be a bearish outcome.
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