Dow Jones And S&P 500 Futures: April 25, 2016
ICN.com | Apr 25, 2016 06:34AM ET
Dow has traded bearishly after being stopped by 113% Fibonacci level, where it formed a dark black candlestick pattern.
Trading below 113% Fibonacci at 17950.00 suggests deeper bearish correction, reinforced by the negativity on ADX indicator.
A break below SMA20 at 17740.00 will accelerate.
Support: 17800.00-17730.00-17700.00
Resistance: 17920.00-18000.00-18080.00
Direction: Bearish
S&P 500 has stopped just a few pips below 113% Fibonacci level also, and it is now attempting to attack the important Fibonacci support of 2074.00.
This level should be breached to affirm the negativity on ADX.
We may use sell stop strategies to enter the market.
Support: 2074.00-2065.00-2055.00
Resistance: 2083.00-2095.00-2100.00
Direction: Bearish
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