SPX & DJIA Hit Take Profit – Key Levels to Trade
The global indices are still under substantial selling pressure as the investors are considering the Risk-off sentiment. Over the last two weeks, the global stock market investors seem skeptical about buying. In our previous update on SPX and DAX, we summarized the outlook for US equities. The overbought indices seem to travel south in order to complete 38.2% Fibonacci retracement at $2,550.
Anyways, the scenario is bit complex this week. We can’t confirm the bullish reversals until and unless we hear something fresh from Trump, and the Federal Reserve about the next rate hike. In the meantime, the global indices seem to consolidate as per given support and resistance levels. If you are following our update first time, do check FX Leaders Support and Resistance Trading Strategy to have a better grip on the market.
S&P500- SPX- Trading Levels
Support Resistance
2550.41 2726.67
2495.97 2781.11
2407.84 2869.24
Key Trading Level: 2638.54
DJIA- Dow30 – Trading Levels
Support Resistance
23532.03 25182.45
23022.21 25692.27
22197 26517.48
Key Trading Level: 24357.24
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