Dow has achieved a daily closing once again above 16240.00-16250.00 regions but failed to clear the recently established resistance at 16380.00-16400.
The technical situation becomes very sensitive with RSI14 touching the value of 50.00 and weakness in the downtrend strength although ADX remains bearish.
Risk versus reward ratio is inappropriate, forcing us to stand aside today, as we can’t depend only on the above-mentioned closing to be bullish.
To recap, 16240.00 and 16400.00 are the clues for the next big move.
Support: 16250.00-16125.00-16000.00
Resistance: 16380.00-16420.00-16500.00
Direction: Neutral
S&P 500 has closed below 38.2% Fibonacci at 1907.00, but couldn’t prove the bearishness with a break below SMA20 at 1890.00.
The sensitivity of current trading levels forces us to avoid trading the index until we get more reliable signals.
On the upside, classical resistance has been created in the 1922.00 zones and a break above it will be bullish sign.
Support: 1897.00-1890.00-1882.00
Resistance: 1907.00-1922.00-1939.00
Direction: Neutral