Dow Jones:
Dow has found support again in the 15955.00 zones where it inclined ahead of past Feriday’s closing to trade just a few pips below 38.2% Fibonacci.
Current trading levels are very sensitive, as the index trades between SMA20 and SMA50, while other technical indicators couldn’t give off any confirmed signals.
The sensitivity of current trading levels makes risk versus reward ratio very high and therefore, we will be neutral awaiting for convenient breakout above 16410.00 or below 16120.00 to join traders.
Support: 16225.00- 16120.00-15955.00
Resistance:16410.00-16500.00-16550.00
Direction: Sideways
SP500:
SP500 Futures also has come from areas below 1900.00 zones and is currently touching the key levels of 1943.00 as seen on the provided graph.
We will be neutral due to the inappropriate risk versus reward ratio between SMA20 and SMA50.
On the downside, 1900.00 is the key for bears, while clearing 1955.00 zones will argue us to long the index.
Wait for our technical updates on U.S. Stocks.
Support: 1920.00-1900.00-1865.00
Resistance: 1956.00-1978.00-1983.00
Direction: Sideways