July 24th – 29th Weekly Trading Levels – S&P 500 and DJIA - Forex News by FX Leaders

July 24th – 29th Weekly Trading Levels – S&P 500 and DJIA

Posted Monday, July 24, 2017 by
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

Support            Resistance

S1: 2466             R1: 2476

S2: 2455            R2: 2483

S3: 2448            R3: 2493

DJIA – US30 – Trading Levels

Support             Resistance

S1: 21563           R1: 21643

S2: 21483           R2: 21692

S3: 21434           R3: 21772

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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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