US30 (DOW JONES) MARKET ANALYSIS

Hello traders, into the US30 market analysis today price rallied to a key daily supply level at 33314.86 & 32879.30 which is a daily chart BOS and also origin of the previous drop to the major daily demand level at 28937.44 & 28621.70. Price filled the major daily range from supply to the major demand and back to supply. Price rallied to supply then dropped away from supply in a strong H4 bearish candle with candle close below supply at 32625.86. Took sell entries during pre-London session at 32700.20 with SL at 32891.50. Setup taken is a rally base drop, a reversal setup. Price dropped to the minor H1 demand at 32591.84 & 32514.40 which has held and caused price to rally back to entry just before the FOMC news release.

Price formed a strong liquidity grab back into supply hence taking out my SL and rallying deep into supply then left a strong rejection wick with candle close below supply. Took sell re-entries during late NY session at 32907.10 with SL at 33085.18 after price formed a liquidity grab back into supply, took out my previous entries but failed to take out the previous H1 high at 33000.00. Setup taken is a rally base drop, a reversal setup. Price dropped 830 points away from supply in strong bearish momentum to the next H1 low at 32094.40 and still showing more bearish potential as price drops lower forming lower lows. I anticipate a continuation of the drop to the H4 low at 30950.50 which is my target as price will have filled the H1 & H4 range.