S&P Futures Bullish above 990.50
4 Hour chart trend: Long. Main price points: 990.50, and 1038.25. Looking for: Wave 5)
S&P futures has broken through the critical 1014 area on Friday after the NFP report that came out better than expected. As such, the S&P futures traded higher into our wave one zone, which is not allowed in the impulse count, so it seems that a three wave, corrective move is the case here. Correction always appears against the larger trend which suggests a trend continuation once the correction is completed and confirmed. Our correction was completed at 990.50, and confirmed at 1014 breakout. If the wave count is correct then wave 5) is in progress, which should reach new highs over the next few days with an impulse structure. MACD also signals for a temporary bullish trend.
Daily Forex Technicals | Written by FXtechtrade
DOW JONES INDEX
Today's support: - 9345.70, 9311.30 and 9270.00(main), where a delay and correction may happen. Break of the latter will give 9244.50, where correction also can be. Then follows 9233.25. Be there a strong impulse, we would see 9202.50. Continuation will bring 9182.30 and 9163.12.Today's resistance: - 9452.81(main), where a delay and correction may happen. Break would bring 9489.37, where a correction may happen. Then follows 9516.10, where a delay and correction could also be. Be there a strong impulse, we'd see 9543.62. Continuation would bring 9588.80
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