Dow Jones And S&P 500 Futures: May 4, 2016
ICN.com | May 04, 2016 06:44AM ET
Dow Futures collapsed yesterday, but it couldn’t achieve a convenient daily closing below 100% Fibonacci, as it retraced from SMA50 areas as seen on the provided daily chart.
Still, neutrality is in favor since we can’t risk in current sensitive trading levels; noting that, ADX and RSI don’t give off the signals that we can trust.
The levels to watch are 17775.00 and 17580.00.
Support: 17660.00-17600.00-17500.00
Resistance: 17730.00-17775.00-17830.00
Direction: Neutral
S&P 500 Futures has bounced off of SMA50 zones, which meet 88.6% Fibonacci areas, which makes it hard to be bearish even if with the bearish candlestick of yesterday.
Meanwhile, technical indicators remain unclear and therefore, we will be neutral at least during the European session.
The levels to watch are 2043.00 from the underside, while 2074.00 should be the ceiling for bears.
Support: 2042.00-2035.00-2022.00
Resistance: 2063.00-2074.00-2085.00
Direction: Neutral
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