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Dow Jones Shows Signs Of Pause, S&P 500 Inches Higher Sharply

Published 10/06/2015, 05:34 AM
Updated 07/09/2023, 06:31 AM

The technical target of 16685.00 we have sent to our subscribers has been reached ideally and now Dow Jones is showing signs of pause as seen on the provided daily graph.

Dow Jones Daily Chart

Despite the positive signs on ADX and RSI14, but these signs become weaker and that is why we will avoid trading for now.

Since we are content with the profits made from long position, we will be on the sidelines over intraday basis after touching the above-mentioned sensitive levels.

Support: 16550.00-16410.00-16330.00

Resistance:16685.00-16780.00-16820.00

Direction: Sideways

SP500:

S&P 500 has inched higher sharply, reaching the detected technical target at 1980.00 zones where it is struggling around SMA50 - colored in red - as seen on the provided daily chart.

SP500 Daily Chart

Now, we will avoid trading after touching these sensitive levels and we will wait until an actionable setup presents itself to us.

A break above 1993.00 will bring a new upside wave.

Wait for our technical updates on U.S. stocks.

Support: 1950.00-1943.00-1920.00

Resistance: 1993.00-2000.00-2007.00

Direction: Sideways

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