Dow Jones Futures Inclines, ES Trapped At 1900.00
ICN.com | Jan 27, 2016 06:14AM ET
Dow Futures has inclined yesterday, but it is currently trading just a few pips below 16000.00 psychological and below SMA20 at 16125.00.
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In the interim, 61.8% Fibonacci at 16250.00 acts as another ceiling for short-term traders.
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Although ADX shows bearish trend weakness, but RSI 14 stabilizes below 50.00 levels and that contradicts with yesterday’s incline.
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From here, we should be on the sidelines due to the sensitivity of current trading levels.
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Support: 15875.00-15830.00-15775.00
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Resistance: 16050.00-16125.00-16250.00
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Direction: Neutral
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SP500 Futures has been trapped below SMA20 at 1900.00, while the Fibonacci resistance of 1907.00 should be taken out first before following through.
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Now, we will be on the sidelines below RSI 50.00 levels, while ADX shows uptrend weakness, but it remains negative over daily studies.
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Hence, we are forced to be neutral now waiting for more reliable signals to enter the market.
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Support: 1875.00-1862.00-1867.00
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Resistance: 1895.00-1899.00-1907.00
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Direction: Neutral
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