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

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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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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