SPX & DJIA Hit Take Profit – Key Levels to Trade - Forex News by FX Leaders

SPX & DJIA Hit Take Profit – Key Levels to Trade

Posted Tuesday, February 13, 2018 by
Arslan Butt • 1 min read

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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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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