Dow Jones:
Dow has been trading within a tight range within a tight range and is still struggling around the resistance line of 17690.00 as seen on the provided daily chart.
Trading below moving averages, while RSI14 is being resisted by momentum value are reasons that force us to remain neutral.
Of note, risk versus reward ratio is inappropriate.
Support:17620.00-17550.00-17500.00
Resistance:17730.00-17775.00-17825.00
Direction:Sideways
SP500:
Yesterday’s closing was achieved exactly at the psychological level of 2100.00, which we described earlier as a hard rock for bulls.
Trading above moving averages contradicts with the weak signs on other technical indicators.
Thereby, we will be neutral today due to the sensitivity of current trading levels and the weak movements seen since yesterday.
Support: 2087.00-2083.00-2072.00
Resistance: 2107.00-2113.00-2126.00
Direction: Sideways