Dow Jones:
Dow has been stopped by levels just a few pips close to 17690.00, as seen on the provided daily chart.
Moving averages have played a big role, pushing the index to the downside, as they acted as a ceiling for the rebound from levels below 17460.00.
However, we can’t suggest downside wave, as there is no clear sign appearing on other technical indicators, while smaller time frames are neutral.
We will watch the price behaviors between 17690.00 and 17500.00, as a break of one of them will define the next big move.
Support: 17550.00-17500.00-17460.00
Resistance: 17690.00-17730.00-17775.00
Direction: Sideways
SP 500:
Once again, SP has retraced from 2100.00 psychological levels as seen on the chart.
Presently, the index is moving between SMA20 and SMA50, while technical indicators couldn’t give off a reliable sign.
Hence, we will stand aside, awaiting for a move above 2100.00-2105.00 or below SMA50 at 2089.00 to define the market trend.
Support: 2087.00-2083.00-2072.00
Resistance: 2100.00- 2107.00-2113.00.
Direction: Sideways