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S&P 500 Futures Soar, Dow Moves Sideways

Published 07/30/2015, 06:40 AM
Updated 07/09/2023, 06:31 AM

Dow Jones:

Dow has reached the suggested technical target of 17690.00, where it becomes very close to moving averages.

Dow Jones Daily Chart

Trading just a few pips below this sensitive levels forces us to stand aside today, as we are content with the profits we made yesterday.

Of note, a break above 17690.00 will bring strong buying interests.

Support: 17620.00-17550.00-17500.00

Resistance: 17730.00-17775.00-17825.00

Direction: Sideways

SP500:

According to our yesterday’s bullish scenario, SP500 Futures has soared above moving averages, reaching one of our proposed targets at 2100.00 psychological as seen on the provided daily chart.

S&P 500 Daily Chart

This level is psychological as mentioned above and it may force traders to stand aside over intraday basis.

We need a break above 2107.00 and 2113.00 to make sure that the recovery from 2056.00 will continue, while coming below SMA20 and SMA50 will negate.

Support: 2087.00-2083.00-2072.00

Resistance: 2107.00-2113.00-2126.00

Direction: Sideways

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