Dow Futures has inclined yesterday, but it is currently trading just a few pips below 16000.00 psychological and below SMA20 at 16125.00.
In the interim, 61.8% Fibonacci at 16250.00 acts as another ceiling for short-term traders.
Although ADX shows bearish trend weakness, but RSI 14 stabilizes below 50.00 levels and that contradicts with yesterday’s incline.
From here, we should be on the sidelines due to the sensitivity of current trading levels.
Support: 15875.00-15830.00-15775.00
Resistance: 16050.00-16125.00-16250.00
Direction: Neutral
SP500 Futures has been trapped below SMA20 at 1900.00, while the Fibonacci resistance of 1907.00 should be taken out first before following through.
Now, we will be on the sidelines below RSI 50.00 levels, while ADX shows uptrend weakness, but it remains negative over daily studies.
Hence, we are forced to be neutral now waiting for more reliable signals to enter the market.
Support: 1875.00-1862.00-1867.00
Resistance: 1895.00-1899.00-1907.00
Direction: Neutral