Baxia Markets
May 15, 2024

US30 Consolidates After Bullish Rally, Eyes Key Economic Data

market analysis header image

The US30 index has transitioned into sideways trading over the last two sessions following a robust two-week bullish surge that propelled prices by over 5%. This consolidation phase comes amidst anticipation in the market for crucial economic indicators, particularly the Consumer Price Index (CPI) and retail sales data. Economists are forecasting lower figures, adding a layer of uncertainty to market sentiment.

On the technical front, the major sentiment on the 1-hour timeframe remains bullish, with the 50-day Exponential Moving Average (EMA) positioned above the 200-day EMA. This alignment underlines the prevailing positive sentiment in the market.US30
Traders are closely monitoring key support levels amidst the sideways movement. The $38915 level, near the lower side of the value zone plotted by the volume profile indicator, emerges as a critical support to watch. Additionally, attention is directed towards the EMA 50 and EMA 200 levels, which also serve as notable support zones.

Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) currently suggest a bullish sentiment. These indicators further support the overall positive outlook for US30, despite the temporary pause in the bullish momentum.

The US30 index has entered a consolidation phase after a strong bullish rally, reflecting a cautious stance among investors awaiting key economic data releases. While the market sentiment remains predominantly bullish, uncertainties surrounding upcoming economic figures could introduce volatility. Traders are advised to closely monitor key support levels and economic announcements for potential market shifts.

Key Economic Releases to Watch Today


Actual 0.4% vs Forecast 0.4% vs Previous 0.1%


Actual 0.3% vs Forecast 0.3% vs Previous -0.1%


Forecast 0.3% vs Previous 0.4%

USD, Core Retail Sales (MoM)

Forecast 0.2% vs Previous 1.1%


Forecast 0.4% vs Previous 0.4%


Forecast 3.4% vs Previous 3.5%

USD, Retail Sales (MoM)

Forecast 0.4% vs Previous 0.7%



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