The global indices are still under substantial selling pressure as investors keep 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 US equities outlook. The overbought indices seem to be traveling south in order to complete 38.2% Fibonacci retracement at $2,550.
This week's scenario is bit complex. 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 the given support and resistance levels. If you are following our update for the first time, take a look at FX Leaders Support and Resistance Trading Strategy to get a better grip on the market.
S&P500- SPX- Trading Levels
Key Trading Level: 2638.54
DJIA- Dow30 - Trading Levels
Key Trading Level: 24357.24