Still looking for higher levels...
Dow Jones Industrial Average:
Further selling transpired on Tuesday, pulling the market to losses of 0.55% on the day. Crude oil’s selloff was a major catalyst for the stock market's performance, overriding upbeat macroeconomic data out of the US revealing both housing starts and building permits rebounded in November following October's decline.
Although the Dow Jones Industrial Average is trading over 1.50% in the red this week, there may be a light at the end of the tunnel, according to our technical studies. Weekly price recently crossed swords with support carved from 23578. Boasting reasonably sound historical significance, there’s a chance equities may stage a recovery from this point, targeting a possible retest of the 2018 yearly opening level at 24660. In addition to this, the research team also notes a merging daily trend line resistance-turned support (extended from the high 26670).
Couple the above with H4 candles seen defending a nice-looking ABCD (black arrows) 127.2% bullish pattern at 23577 (reinforced by a divergence/oversold reading out of the RSI indicator), a recovery could take shape today/this week.
Areas of consideration:
According to our technical readings, all three timeframes still suggest an advance may be in the offing, with an initial upside target positioned around H4 resistance at 24137/38.2% H4 Fibonacci resistance at 24103.
For those who entered long based on Tuesday’s briefing, hang in there! The unit is still primed to attack higher levels despite yesterday’s pullback.
For those who missed yesterday’s call, you’ll receive better pricing today. Entering long at current price is on the table, with stop-loss orders positioned beneath Monday’s low (23465). This offers in excess of 1:2 risk/reward to the first upside target highlighted above: 24103.
Today’s data points: FOMC Economic Projections; FOMC Statement and Federal Funds Rate; FOMC Press Conference.
Further selling transpired on Tuesday, pulling the market to losses of 0.55% on the day. Crude oil’s selloff was a major catalyst for the stock market's performance, overriding upbeat macroeconomic data out of the US revealing both housing starts and building permits rebounded in November following October's decline.
Although the Dow Jones Industrial Average is trading over 1.50% in the red this week, there may be a light at the end of the tunnel, according to our technical studies. Weekly price recently crossed swords with support carved from 23578. Boasting reasonably sound historical significance, there’s a chance equities may stage a recovery from this point, targeting a possible retest of the 2018 yearly opening level at 24660. In addition to this, the research team also notes a merging daily trend line resistance-turned support (extended from the high 26670).
Couple the above with H4 candles seen defending a nice-looking ABCD (black arrows) 127.2% bullish pattern at 23577 (reinforced by a divergence/oversold reading out of the RSI indicator), a recovery could take shape today/this week.
Areas of consideration:
According to our technical readings, all three timeframes still suggest an advance may be in the offing, with an initial upside target positioned around H4 resistance at 24137/38.2% H4 Fibonacci resistance at 24103.
For those who entered long based on Tuesday’s briefing, hang in there! The unit is still primed to attack higher levels despite yesterday’s pullback.
For those who missed yesterday’s call, you’ll receive better pricing today. Entering long at current price is on the table, with stop-loss orders positioned beneath Monday’s low (23465). This offers in excess of 1:2 risk/reward to the first upside target highlighted above: 24103.
Today’s data points: FOMC Economic Projections; FOMC Statement and Federal Funds Rate; FOMC Press Conference.
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