Dow And S&P 500 Futures Remain Bearish
ICN.com | Feb 11, 2016 05:13AM ET
With a long upper shadow, Dow finished yesterday after failure to take out SMA20 at 16040.00 as seen on the provided daily chart.
Additionally, traders have taken the index below 23.6% Fibonacci at 15905.00, which forced RSI to stabilize below the value of 50.00.
ADX remains negative and thus, we suggest bearish resumption today as far as 16040.00 hold with a daily closing.
Support: 15775.00-15625.00-15500.00
Resistance: 15905.00-16000.00-16125.00
Direction: Bearish
After attempting to trade above 23.6% Fibonacci at 1867.00, S&P 500 has moved strongly to the downside, influenced by the strong resistance it faced at 1880.00 where SMA20 exists.
Despite the mild weakness on ADX, it remains negative; whilst RSI continued to trade below the value of 50.00.
Henceforth, we will be bearish and a break below 1804.00 may cause another sharp collapse.
Support: 1820.00-1804.00-1780.00
Resistance: 1850.00-1862.00-1875.00
Direction: Bearish
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.