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      DJIA: Strong Sell-off May Stop While Bottom Support Not Solid

      Global Stock MarketsInflation and RecessionEconomic Trends
      Summary:

      All major U.S. stock indexes are showing a clear downward trend after ending Wednesday's all-around decline. Early indications from major stock index futures suggest Wall Street may open lower. As of 7:15 a.m. ET, DJIA futures were down 241.00 points, S&P 500 futures were down 29.50 points, and NASDAQ 100 futures were down 92.75 points.

      Sell DJIA
      End Time
      CLOSED

      33296.96

      ENTRY PRICE

      32130.00

      TGT PRICE

      34023.00

      SL PRICE

      32504.75 +72.67 +0.22%

      11489

      Points

      Profit

      32130.00

      TGT PRICE

      33182.07

      CLOSING

      33296.96

      ENTRY PRICE

      34023.00

      SL PRICE

      Fundamentals

      U.S. stocks initially saw strength in Wednesday's trading but moved sharply lower throughout the session. At the end of Tuesday's mixed trading, the major stock indexes all showed a clear downward trend.
      Before the close, the major stock indexes fell to new lows. The Dow Jones fell 613.89 points, or 1.8%, to 33296.96, the NASDAQ fell 138.10 points, or 1.2%, to 10957.01 and the S&P 500 fell 62.11 points, or 1.6%, to 3928.86.
      Wall Street sold off as investors reacted to a series of U.S. economic data, including a Commerce Department report showing a sharp drop in U.S. retail sales in December.
      The Commerce Department said retail sales fell 1.1% in December after a revised 1.0% decline in November. The market had previously expected retail sales to fall 0.8%, compared with the 0.6% decline initially reported last month. The sharp drop in retail sales is further evidence that the economy is rapidly losing momentum as we approach the end of last year.
      It is clear that the U.S. economy is facing one problem after another.
      Currently, the U.S. is also facing another, larger problem, which is the problem of the U.S. debt overrun. The White House said that if the debt ceiling cannot be successfully resolved, it will certainly trigger an economic disaster. For this reason, the White House reminded Congress that it must unconditionally raise the ceiling of the US debt and that Biden would not start any negotiations with the US Congress on the debt issue.
      Obviously, the White House's attitude is very tough. Now institutional investors around the world, including central banks, are fully aware of the risks of U.S. debt and are selling it off. In this case, the U.S. also issued more Treasury bonds, and the future of the buyer's market to take the capacity will be increasingly low.
      The economic problems in the U.S. will certainly be reflected in the stock market; it seems unrealistic to expect a significant rebound in U.S. stocks in 2023. Therefore, a significant slowdown in U.S. economic growth in 2023 has become inevitable.
      DJIA: Strong Sell-off May Stop While Bottom Support Not Solid _1

      Technical Analysis

      The Dow Jones Industrial Average closed with a strong plunge for the second consecutive session. The index is now back in the previous oscillator range. Technical signals confirm our view that the fast and slow EMAs of the MACD are diverging downwards above the 0-axis. The RSI has more room to fall before hitting oversold territory and the Stochastic oscillator is opening downwards. In addition to this, a death cross is running in the 4-hour and daily charts and shows signs of further collapse.
      If the index unexpectedly rises, prices could be supported at the previous lows. In the opposite scenario, negative momentum could extend the current sell-off pushing prices further lower. It is recommended to go short at highs.  

      Trading Recommendations

      Trading Direction: Short
      Entry Price: 33296
      Target Price: 32130
      Stop Loss: 34023
      Valid Until: 2022-02-02 23:55:00
      Support: 32788, 32492, 32263
      Resistance: 33538, 33840, 34023
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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      Eva Chen

      Analyst

      Master of Economics, 8 years in the financial industry, CFA holder, joined HSBC (Hong Kong) Bank in 2013 after graduating from the University of California, USA in the Investment Research and Markets Department. With years of financial market experience and trading experience, having provided excellent investment advice to many brokerages, entity derivatives importers and clients in Greater China.

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