When 25K Breaks
One hour before the ECB press conference and 24 hours prior to the release of the advanced US Q4 GDP figures, global equities lick their wounds after the S&P500 and the DOW30 did something that has not been done in 2 years; breaking below the major confluence of key support levels: i) trendline support from Feb 2016; ii) 200 day moving average and; iii) 55-week moving average. Does the decline mean that further downside lies ahead and that 25100 in the DOW30 becomes the next resistance? It is easy to be fixated at the 25000 level in the DOW30 as it presents the open for the year. But there is more to it. The break of the triple confluence requires a confirmation as far as a weekly close. EURUSD and gold traders will turn to next Wednesday to assess the monthly close and whether key levels are held. Since the long-standing EURUSD long was stopped out, do we go for a new long? Or do we short from here. And what about the DOW? Those who were stopped out at 24600 (yesterday's low) do they begin shorting near 24800 or do they go long at current levels (24700-800) to target 25000? All of these points are covered in the latest Premium Video.
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