S&P500 and DJIA – Weekly Support & Resistance Levels
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
S1: 2417 R1: 2430
S2: 2404 R2: 2441
S3: 2392 R3: 2449
DJIA – US30 – Trading Levels
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.