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Dow Jones And S&P 500 Close Below 38.2% Fibonacci Level

Published 09/01/2015, 05:08 AM
Updated 07/09/2023, 06:31 AM

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.

Dow Jones Daily 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.

SP500 Daily Chart

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

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