July 24th – 29th Weekly Trading Levels – S&P 500 and DJIA
Arslan Butt • 1 min read
So far this month, the global stocks, and specifically the US indices, have traded bullish. This is mostly due to better economic figures as well as Yellen's dovish stance oand soft inflation figures.
This week, we have Fed Monetary Policy Statement, Fed Fund Rate, and Gross Domestic Product all with a positive forecast. As mentioned in the weekly brief shared this morning, I'm not expecting any rate hike this month. Perhaps, we will see some changes in the month of September.
This week, the stock markets are likely to stay bullish to price in investors' dovish sentiment regarding the US monetary policy. The expansionary policy extends support to the stock markets as companies are able to borrow at low cheaper cost and ultimately increases their profits. Thus, investors move their investments on the equity side. Make sure to check out our support and resistance trading strategy article to learn how to profitably trade below levels.
S&P 500 – SPX500- Trading Levels
S1: 2466 R1: 2476
S2: 2455 R2: 2483
S3: 2448 R3: 2493
DJIA – US30 – Trading Levels
S1: 21563 R1: 21643
S2: 21483 R2: 21692
S3: 21434 R3: 21772