Over the last week we have seen price show a rejection off the -27.2% Fibonacci extension level. Price pushed back up to the 11855 support turned resistance, which aligned with the 20EMA. At this point price printed a bearish engulfing candle which has led price back to the downside.
Price is yet to show a break or rejection from the -27.2% support area, however, a break of this area would open up a big amount of room to the downside which could lead price to the -61.8% extension at 11656.
Today's week has a lot of economic news, most importantly tomorrow's FOMC meeting and Fed Rate decision and this could be an indicator of future direction of the index.
Chart: US Index, D1
Busy week ahead of us.
ReplyDeleteLet's see what effect the FOMC interest rate announcement tomorrow will have on it.
ReplyDeleteGreat daily note as always, thank you!
ReplyDeleteExcellent analysis, thank you!
ReplyDeleteGreat analysis, thank you!
ReplyDelete