Dow Jones:
In line with our yesterday’s updates-sent for subscribers-, Dow has moved to the upside, reaching 16700.00 zones as seen on the provided daily chart.
However, the situation becomes sensitive and we will be neutral today since RSI14 started to show signs of upside momentum weakness.
Moreover, the weekly closing may bring huge fluctuation back to markets due to positions closing and re-evaluation the trading desks.
Anyway, we simply will avoid trading today, but a daily closing above 16900.00 will be a positive signal, while closing below 16335.00 will hint at end of correction.
Support: 16500.00-16355.00-15120.00
Resistance:16800.00-16900.00-17025.00.
Direction: Sideways
SP500:
After passing over 1960.00-1965.00, the index started to show signs of stoppage ahead of the psychological level o of 2000.00.
We will stand aside ahead of the weekly closing due to the sensitivity of current trading levels, as risk versus reward ratio is inappropriate.
A break above 2000.00 may make change the neutral stance.
Support: 1960.00-1920.00-1850.00.
Resistance: 2000.00-2032.00-2100.00.
Direction: Sideways