S&P500 and DJIA - Weekly Support & Resistance Levels - Forex News by Strategia Forex

S&P500 and DJIA – Weekly Support & Resistance Levels

Posted Monday, July 3, 2017 by
Arslan Butt • 1 min read

Over the previous week, the US equities plunged massively, especially on Tuesday. This was due to the heavy sell-off in technology shares, which led the S&P 500 index to finish down 0.6%.

Although the market gained on Friday, the gain wasn't enough to recover the earlier losses. Yet the CBOE Volatility Index, which measures the market fear, is trading lower at 11.18, down -2.27% today. This signifies a return of investor confidence.    

At the moment, investors are likely taking only short term positions before the release of NFP & FOMC later this week. The idea is to avoid unexpected volatility. Let's take a look at the weekly trading levels for the Non-farm payroll week.

 

S&P 500 – SPX500- Trading Levels

Support            Resistance

S1: 2417             R1: 2430

S2: 2404            R2: 2441

S3: 2392            R3: 2449

 

DJIA – US30 – Trading Levels

Support                     Resistance            

S1: 21309.28           R1: 21390.75

S2: 21263.70           R2: 21454.56

S3: 21186.86           R3: 21500.27

 

We are likely to experience thin trading volume and volatility in the first two days of the week. US banks will be closed in observance of Independence Day on Tuesday. However, Wednesday will likely give us good trading opportunities.

 
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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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