25922/25828 offers an attractive sell zone...
Dow Jones Industrial Average:
As high-level trade talks kicked-off in Beijing, US stocks advanced Thursday with the DJIA ending the session up 0.44%.
Looking at technical structure on the weekly timeframe, since early February traders have called a block of resistance at 26248-25834 home. Last week’s response from this barrier was of notable strength, closing not too far off its lows, though this has yet to generate much follow through so far this week. Further downside from this point could eventually see the index knocking on the door of its 2018 yearly opening level at 24660.
Support at 25385 on the daily timeframe elbowed its way into the fight Monday and extended gains Tuesday. Wednesday saw the unit mildly pullback from session highs at 25749 and form an indecision candle, though Thursday turned higher. A push beneath 25385 will likely bring in a nearby daily support area seen at 24842-24538.
Despite mixed vibes out of the bigger picture, a nice-looking area of confluence (yellow) on the H4 timeframe is seen between 25922/25828 (comprised of a trend line support-turned resistance [taken from the low 25215], a ABCD 127.2% bearish pattern at 25922, 61.8% and 78.6% Fibonacci resistances at 25828 and 25872, respectively, and March’s opening level at 25913). In addition to this, traders may also want to acknowledge within this area stands the lower edge of weekly resistance mentioned above at 25834.
Areas of consideration:
Entering short from within the yellow zone marked on the H4 timeframe at 25922/25828 is an option today should it be tested. Conservative traders will likely look for signs of seller intent before pulling the trigger – maybe a H4 bearish candlestick pattern, or even drilling down to the lower timeframes and trading local structure. Traders who feel the structure offered on the H4 timeframe, along with the lower edge of weekly resistance at 25834, is sufficient, may simply short at 25828ish and position stop-loss orders a few points beyond 25922.
Today’s data points: US Core PCE Price Index m/m; US Personal Spending m/m; Chicago PMI; US Revised UoM Consumer Sentiment; FOMC Member Quarles Speaks.
As high-level trade talks kicked-off in Beijing, US stocks advanced Thursday with the DJIA ending the session up 0.44%.
Looking at technical structure on the weekly timeframe, since early February traders have called a block of resistance at 26248-25834 home. Last week’s response from this barrier was of notable strength, closing not too far off its lows, though this has yet to generate much follow through so far this week. Further downside from this point could eventually see the index knocking on the door of its 2018 yearly opening level at 24660.
Support at 25385 on the daily timeframe elbowed its way into the fight Monday and extended gains Tuesday. Wednesday saw the unit mildly pullback from session highs at 25749 and form an indecision candle, though Thursday turned higher. A push beneath 25385 will likely bring in a nearby daily support area seen at 24842-24538.
Despite mixed vibes out of the bigger picture, a nice-looking area of confluence (yellow) on the H4 timeframe is seen between 25922/25828 (comprised of a trend line support-turned resistance [taken from the low 25215], a ABCD 127.2% bearish pattern at 25922, 61.8% and 78.6% Fibonacci resistances at 25828 and 25872, respectively, and March’s opening level at 25913). In addition to this, traders may also want to acknowledge within this area stands the lower edge of weekly resistance mentioned above at 25834.
Areas of consideration:
Entering short from within the yellow zone marked on the H4 timeframe at 25922/25828 is an option today should it be tested. Conservative traders will likely look for signs of seller intent before pulling the trigger – maybe a H4 bearish candlestick pattern, or even drilling down to the lower timeframes and trading local structure. Traders who feel the structure offered on the H4 timeframe, along with the lower edge of weekly resistance at 25834, is sufficient, may simply short at 25828ish and position stop-loss orders a few points beyond 25922.
Today’s data points: US Core PCE Price Index m/m; US Personal Spending m/m; Chicago PMI; US Revised UoM Consumer Sentiment; FOMC Member Quarles Speaks.
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