Dow Trading Within Narrow Range; SPX Futures' Uptrend Has Slowed
ICN.com | May 27, 2016 06:19AM ET
Dow has been trading within a narrow range during the previous hours, but it remains stable above moving averages and above the previously broken resistance line.
However, we have witnessed some kind of weaker momentum on RSI, while ADX shows signs of uptrend exhaustion.
Hence, we prefer to stand aside today since risk versus reward ratio is inappropriate.
The levels to watch are 17900.00 and 17760.00.
Support: 17760.00-17665.00-17600.00
Resistance: 17900.00-17930.00-18000.00
Direction: Neutral
S&P 500 Futures uptrend has slowed down with approaching the main classical resistances as seen on the provided daily chart.
RSI reflects weakness in bullish momentum, while ADX is showing slight reverse although it remains bullish.
From here, we prefer to stand aside over intraday basis to see how the index will behave around 2095.00; noting that, 2074.00 became a good floor.
Support: 2082.00- 2070.00-2063.00
Resistance: 2095.00-2100.00-2107.00
Direction: Neutral
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.