The Dow (US30) has been trading in a bearish structure since the highs on March 18th to the lows yesterday in a -1172 pip move (-3.52%). Yesterday we saw a big wave of buyers coming in from the lows pushing price up to retest the weekly pivot.
The weekly pivot was capping the upside since the beginning of the week because it also confluences with the previous broken key level. Price has now broken with this level after 6 rejections making this a very high probability momo trade.
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