Dow Collapses To Trade Below 16250.00; S&P Futures Close Negatively
ICN.com | Feb 03, 2016 06:09AM ET
Dow has collapsed yesterday to trade below 16250.00 along with long black candlestick.
Although, SMA20 at 16050.00 has stopped the downside actions during the Asian session, but we classify the current mild upside moves as a correction for yesterday’s moves.
We will be bearish today based on stability below 61.8% and a break below 160050.00 will confirm resuming the bearishness.
Support: 16050.00.00-16000-15855
Resistance: 16200.00-16250.00-16375.00
Direction: Bearish
S&P 500 closed the day negatively yesterday below 1907.00, which is a bearish sign and may bring additional backwardation.
SMA20 at 1890.00 has limited the bearishness and a break below it will weaken the support of 1882.00 and 1867.00.
Support: 1920.00-1913.00-1907.00
Resistance: 1939.00-1945.00-1962.00
Direction: Bearish
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