Dow has reached one of our extreme targets at 15855.00 on Friday; so first, we would like to say congratulations for our readers who followed this analysis during the previous period.
Since this level represents 76.4% Fibonacci of the wave from 15225.00 to 17905.00, we have witnessed some kind of correction during the Asian session.
Moreover, RSI14 has touched oversold levels and that also prevents us from being bearish now despite the strong negativity over bigger time frames.
We just see inappropriate risk versus reward ratio now and thus, we will avoid trading Dow today.
Support: 15900.00-15855.00-15740.00
Resistance: 16000.00-16120.00-16230.00
Direction: Sideways
S&P 500 has reached 88.6% Fibonacci, which also represents tough support, while momentum indicators over daily studies are signaling oversold case.
Over weekly and monthly basis, the bearishness remains unchanged, but for intraday traders, we prefer to stand aside now, waiting for a new signal to re-enter the market.
Anyway, a break below 1862.00 will expose 1830.00, while 1900.00 becomes a strong ceiling.
Support: 1872.00-1862.00-1850.00
Resistance: 1883.00-1896.00-1900.00
Direction: Sideways