SPX & DJIA Dangling on Hawkish FOMC – Investors Looking to Trade on NFP

Posted Friday, February 2, 2018 by
Arslan Butt • 1 min read

This week, the US stock markets continue to trade bearish over hawkish monetary policy statement. Interestingly, the indices have formed really cool patterns which can help us gain quite a good number of pips today.

As discussed before, the US equity indices are dropping from their highs with a noticeable slip on worries that the increase in the cost of borrowing will reduce the profit margins. Therefore, the investors are investing in the dollar-hedged securities such as Gold and Silver.

Anyhow, today, we may see nice price action in SPX and DJIA on the release of US labor market figures. Let’s check out the trading levels.

S&P500- SPX- Trading Levels

Support     Resistance

2819.8       2830.54

2812.72    2834.2

2809.06    2841.28

Key Trading Level:    2,823.46

DJIA- Dow30 – 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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