Buying On a Dip - Key Trading Levels of SPX & DAX - Forex News by FX Leaders

Buying On a Dip – Key Trading Levels of SPX & DAX

Posted Tuesday, January 30, 2018 by
Arslan Butt • 1 min read

This morning, the global stock markets fell sharply as the investors await the high impact economic data throughout this week. The SPX has dropped -12.25 points during the early Asian session and it looks like a good opportunity to pocket the retracement.

However, we can’t take any long term position here as the market is heavily dependent on the US Consumer Confidence data which will be released today. In addition, the President Trump?s State of the Union speech looms tomorrow, whereas the Federal Reserve will deliver its monetary policy statement on Wednesday. Considering all these Let’s take a look at key trading levels.

S&P500- SPX- Trading Levels

Support     Resistance

2826.56    2876.02

2811.27    2891.31

2786.54    2916.04

Key Trading Level:    2851.29

DAX – GER30 – Trading Levels

Support     Resistance

13243.48    13529.54

13155.12    13617.9

13012.09    13760.93

Key Trading Level:    13,386.51

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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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