The Dow Jones Industrial Average slid -0.08% yesterday closing at 16272 while the S&P 500 and the Nasdaq Composite were modestly higher with gains of 0.20% and 0.15% respectively. The S&P 500 futures for December delivery are currently trading at 1915, below the main resistance between 1945 and 1950. The doji reversal pattern that emerged three sessions ago has so far managed to see prices close bullish for two consecutive days, adding to the upside bias. There is a risk of a possible dip in the near-term, especially if payrolls raise expectations of a rate hike, but the bias remains sideways until the resistance at 1980 is broken or key support at 1870 gives way. Needless to say, the US equity markets aptly capture the uncertainty of the rate hikes and today's NFP report could possibly help in setting a short-term bias in the markets.
Markets Stay Range Bound
Daily Analysis - 02/10/2015