Dow Jones, S&P 500 Futures: Feb. 12, 2016
ICN.com | Feb 12, 2016 05:18AM ET
Dow has moved in line with our yesterday’s bearish scenario, reaching the suggested technical target we recommended our client with at 15575.00 easily and extended the bearishness below this level.
Currently, trading below this resistance is a negative catalyst, but we will avoid trading the index due to the awaited fluctuation ahead of the weekly closing, while 15440.00 –yesterday’s low- offers support for the corrective waves.
Any breakout below this level will weaken 15365.00 –previous trough- and will extend the current bearish wave.
Support: 15575.00-15400.00-15365.00
Resistance: 15730.00-15800.00-15860.00
Direction: Bearish, but we avoid trading the index, as risk versus reward ratio is inappropriate.
S&P 500 has touched the proposed technical target of yesterday’s suggested scenario as seen on the provided chart.
ADX shows weakness in the uptrend, but it remains negative, but risk versus reward ratio is inappropriate.
All eyes should be on 1820.00 levels, as clearing it will expose levels below 1804.00.
On the upside, 1867.00 is the key for bulls, as it should be cleared to extend real corrective upside waves.
Support: 1820.00-1804.00-1780.00
Resistance: 1850.00-1862.00-1875.00
Direction: Bearish, but we avoid trading the index, as risk versus reward ratio is inappropriate.
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.