Dow Jones And S&P 500 Forecast: May 26, 2016
ICN.com | May 26, 2016 05:17AM ET
Dow has succeeded in clearing the initial resistance-turned-into-support at 17760.00 and is currently moving above 17800.00. It is also above moving averages as seen on the provided daily chart.
Positivity increased with that breakout according to ADX reading, while RSI stabilized above the value of 50.00.
Hence, we remain bullish over intraday basis; noting that, a new break above 17875.00 will affirm and accelerate the bullishness towards 18000.00 psychological.
On the downside, moving averages continue to carry the movements, solidifying our constructive bullish scenario.
Support: 17760.00-17665.00-17600.00
Resistance: 17900.00-17930.00-18000.00
Direction: Bullish
S&P 500 has inched higher as expected, knocking on the 2090.00 doors after stabilizing above moving averages and 2063.00 earlier.
ADX is still in a positive mode, while RSI moves steadily to the upside, reflecting the strength of the bullish momentum.
We will be bullish, but we need a break above 2095.00 regions to be more comfortable with the bullish actions.
Support: 2082.00- 2070.00-2063.00
Resistance: 2095.00-2100.00-2107.00
Direction: Bullish
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