S&P 500 and DJIA – Weekly Support & Resistance Levels
Arslan Butt • 1 min read
Today, the global stock markets are slightly bullish in response to the boost in demand for riskier assets. In our earlier report on the gold, we discussed the major reasons behind the weaker demand for gold. Investors are now waiting for the FOMC and Fed fund rate, which are due to be released on Wednesday.
Therefore, the stock market, and particularly the US markets, are trading in a narrow range, mostly from one trading level to another. There is a positive correlation between the S&P500 and DJIA, therefore, they generally move in the same direction. Let's take a look at the new week's trading levels.
S&P 500 – SPX500- Trading Levels
S1: 2413.11 R1: 2441.13
S2: 2404.46 R2: 2449.78
S3: 2390.45 R3: 2463.79
DJIA – US30 – Trading Levels
S1: 21147.46 R1: 21295.53
S2: 21101.73 R2: 21341.26
S3: 21027.70 R3: 24415.30
This is the first update on the US indices, and soon we will launch our forex trading signals on the US & European indices!