Dow Outlook – Losses Seen Below 23.6% Fibo

May 19, 2016 8:01 AM ET
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Resistance - 14,539, 17,622, 17,755

Support - 17,399, 17,366, 17,149

Day end closing below head and shoulder neckline and 17,538 (23.6% of 15501-18167) on Wednesday following hawkish Fed minutes has kept the doors open for a drop towards support levels at 17,366 and 17,149 levels.

Daily RSI, at 43, stays in favor of further decline. However, short-term loss of momentum might result in sideways action.

Bearish invalidation is seen happening only if prices close above head and shoulder neckline

Note - A negative closing today would result in a bearish crossover between 21-day EMA and 55-day EMA and add credence to bearish break from below head and shoulder neckline.

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