Dow Jones:
Dow has ended yesterday’s trading bearishly, after hours of consolidation where it closed below 38.2% Fibonacci level as seen on the provided chart.
This closing motivates bears once again, who couldn’t test 50% Fibonacci level.
More bearishness could be seen today, reinforced by the coverage from moving averages.
ADX remains negative despite correction on Dow, while RSI14 is still stable below the value of 50.00.
Support: 16120.0016000-15920.00
Resistance:16400.00-16550.00-16680.00
Direction: Bearish
SP500:
The index has closed below 38.2% Fibonacci level as seen on the graph, opening the door towards next Fibonacci support.
Testing 1900.00 is available, while coming below it will bring further debasement.
Areas of 1980.00 should protect any short positions.
Support: 1920.00-1850.00-1800.00
Resistance: 1980.00- 2000.00-2032.00
Direction: Bearish