Dow has traded slowly on past Friday, while areas of 17900.00-resistance- succeeded in pushing it mildly to the downside.
Signs of bearishness on momentum and trend indicators become weaker, but we will depend on the solidity of the aforesaid resistance to suggest potential downside movements’ noting that, a break below SMA20-colored in green- followed by 76.4% Fibonacci will confirm and accelerate.
Support: 17700.00-17620.00-17550.00
Resistance: 17900.00-18030.00-18125.00
Direction: Bearish correction
SP 500 Futures is still moving just below 88.6% Fibonacci retracement as seen on the provided daily chart.
The aforesaid levels continue to play as a good ceiling for bears, but we need a breakout below SMA20 to affirm the solidity of this resistance.
We need a bearish motivation to see bigger move, but we think that a price explosion is under preparation, as the market moved very slowly last week.
Support: 2075.00-2062.00-2056.00
Resistance: 2092.00-2107.00-2113.00
Direction: Bearish correction