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Dow Jones And S&P 500 Futures: April 25, 2016

Published 04/25/2016, 06:34 AM
Updated 07/09/2023, 06:31 AM

Dow has traded bearishly after being stopped by 113% Fibonacci level, where it formed a dark black candlestick pattern.

Dow Chart

Trading below 113% Fibonacci at 17950.00 suggests deeper bearish correction, reinforced by the negativity on ADX indicator.

A break below SMA20 at 17740.00 will accelerate.

Support: 17800.00-17730.00-17700.00

Resistance: 17920.00-18000.00-18080.00

Direction: Bearish

S&P 500 has stopped just a few pips below 113% Fibonacci level also, and it is now attempting to attack the important Fibonacci support of 2074.00.

S&P 500 Chart

This level should be breached to affirm the negativity on ADX.

We may use sell stop strategies to enter the market.

Support: 2074.00-2065.00-2055.00

Resistance: 2083.00-2095.00-2100.00

Direction: Bearish

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