Dow Jones
Dow has bounced again to the downside on Friday and is currently hovering around 38.2% Fibonacci of the wave seen below.
To be prudent, we will watch out the price behaviors until the index clears 16418.00-38.2% Fibonacci or 16680.00 classical resistance to enter the market. RSI14 and ADX are currently neutral, solidifying the technical idea of staying aside for a while until an actionable setup presents itself to us.
- Support: 16280.00-16000-15920.00
- Resistance: 16680.00-16850.00-16900.
- Direction: Sideways
S&P 500
S&P 500 Futures has bounced from 50% Fibonacci retracement level as seen on the provided daily chart.
The price behaviors around this Fibonacci level will define the upcoming move. On the downside, coming beneath 1943.00 will trigger new bearish wave targeting 1900.00 psychological. RSI14 is currently neutral following the downside actions occurred on Friday ahead of last week’s closing.
- Support: 1943.00-1920.00-1850.00.
- Resistance: 2000.00-2032.00-2100.00.
- Direction: Sideways