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Major Indices Near Short-Term Support
Written by Jamie Saettele Senior Strategist, John Rivera Analyst
CFDtrading.com provides free news, trading resources, and market analysis to the trading community.
The Dow’s strength early last week was held by Elliott channel resistance. Since the consolidation since the October low is viewed as a 4th wave, we expect a drop to a new low, probably this month.
The Dow continued to decline and it is currently in a downward trending channel that has it looking to test support at 8,197 the 10/16 low. A break here could see the October low of 7,882 retaken. If support holds then a move higher toward the 38.2% Fibo level is a possibility.
The S&P is virtually the same as the Dow. Expect a few more days of range trading in order to complete the 4th wave triangle before a break to a new low. Price remaining below 1200 keeps us confidently bearish.
The S&P 500 like the Dow continued to decline extending its current downward trending channel with the October low of 839 as the next level of support. A break here puts the long-term target of 810 insights.
This article continues HERE, and also analyses the long and short term outlook for the Nasdaq Composite
CFDtrading.com provides free news, trading resources, and market analysis to the trading community.
Written by Jamie Saettele Senior Strategist, John Rivera Analyst
CFDtrading.com provides free news, trading resources, and market analysis to the trading community.
The Dow’s strength early last week was held by Elliott channel resistance. Since the consolidation since the October low is viewed as a 4th wave, we expect a drop to a new low, probably this month.
The Dow continued to decline and it is currently in a downward trending channel that has it looking to test support at 8,197 the 10/16 low. A break here could see the October low of 7,882 retaken. If support holds then a move higher toward the 38.2% Fibo level is a possibility.
The S&P is virtually the same as the Dow. Expect a few more days of range trading in order to complete the 4th wave triangle before a break to a new low. Price remaining below 1200 keeps us confidently bearish.
The S&P 500 like the Dow continued to decline extending its current downward trending channel with the October low of 839 as the next level of support. A break here puts the long-term target of 810 insights.
This article continues HERE, and also analyses the long and short term outlook for the Nasdaq Composite
CFDtrading.com provides free news, trading resources, and market analysis to the trading community.