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US30 Favouring bearish continuation

US equities have remained in a bearish trend since the start of 2022, but increases in money supply begins to take its toll and interest rates are ramping higher, the parabolic decade we have witnessed looks like it could be ready to unwind somewhat.

Looking into the DOW, with a clean structural downtrend in play, the theme of 'sell the rallies' remains in place with the latest rally of the June lows showing some signs on exhaustion. US market internals support the medium term bearish view as the VIX downside is slowing as per the DeMark indicators and over 70% of the SPX overbought.

With this in mind, we are looking to take short positions on US equities from a systematic technical perspective which aligns with medium term macros. The current trading range which has been in play for the past week has failed to break higher leaving what appears to be a fakeout. Stochastic RSI's are turning lower from overbought levels.

Medium to long term targets remain very bearish taking out the swing low on June 17th at 29630 and beyond.


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