Saturday, February 24, 2018

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FOREX NEWS AND MARKET ANALYSIS

SPX & DJIA Hit Take Profit - Key Trading Levels

Author: Arslan Butt, Commodities & Indices Analyst/Tuesday, February 13, 2018/Categories: Live Market Updates

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

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

Arslan Butt, Commodities & Indices 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 fxleaders.com Arslan served as a senior analyst in a major brokerage firm.

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