Dow Jones:
Dow has reached our yesterday’s extreme target sent to our subscribers at 15965.00, where it bounced sharply.
The index is still covered by moving averages, while ADX shows weakness in the bearish wave due to the previously mentioned recovery.
Therefore, we will stand aside today, as we are content with the huge profit we made yesterday; particularly with the inappropriate risk versus reward ratio.
Support: 16120.0016000-15920.00
Resistance:16400.00-16550.00-16680.00
Direction: Sideways
SP500:
S&P 500 Futures has been stopped by 1900.00 levels where it moved higher again.
Areas of 1900.00 represent the technical target we defined yesterday for our subscribers and now, the risk versus reward ratio becomes inappropriate.
As a result, we will watch out for the price behaviors today to see whether the index will continue to recover or it is just a taking profit process.
A break below 1900.00 will kill the recovery and will bring a re-test of 1830.00.
Support: 1920.00-1850.00-1800.00
Resistance: 1980.00- 2000.00-2032.00
Direction: Sideways