Weekly Quasimodo at 26182 may hamper upside, traders...
Dow Jones Industrial Average:
Kicking things off from the top this morning, Monday observed weekly action cross swords with Quasimodo resistance at 26182, which could potentially hamper upside in this market.
Further adding to the above, we can also see daily flow connecting with the underside of supply coming in at 26536-26200. It may also be of interest to candlestick traders the response from this area came by way of a bearish pin-bar formation. The next downside target on the daily scale falls in around support at 25822.
There’s not much to add in terms of structure on the H4 timeframe, aside from the next support target on this scale can be seen a few points south of daily support at 25788: a Quasimodo support level.
Areas of consideration:
Keeping things simple, a short in this market is considered high probability, according to our technical reading. Basing entry and stop levels off the daily bearish pin-bar formation, traders have more than a 1:1 risk/reward ratio to the daily support level mentioned above at 25822.
Today’s data points: US CB Consumer Confidence; Fed Chair Powell Testifies.
Kicking things off from the top this morning, Monday observed weekly action cross swords with Quasimodo resistance at 26182, which could potentially hamper upside in this market.
Further adding to the above, we can also see daily flow connecting with the underside of supply coming in at 26536-26200. It may also be of interest to candlestick traders the response from this area came by way of a bearish pin-bar formation. The next downside target on the daily scale falls in around support at 25822.
There’s not much to add in terms of structure on the H4 timeframe, aside from the next support target on this scale can be seen a few points south of daily support at 25788: a Quasimodo support level.
Areas of consideration:
Keeping things simple, a short in this market is considered high probability, according to our technical reading. Basing entry and stop levels off the daily bearish pin-bar formation, traders have more than a 1:1 risk/reward ratio to the daily support level mentioned above at 25822.
Today’s data points: US CB Consumer Confidence; Fed Chair Powell Testifies.
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