TechnoMeter

Daily price is on primary bearish market with the ranging within 1946.97 resistance and 1872.53 support:

• The reversal key support/resistance levels for the price is 1118.56 bearish continuing support level and 2051.19 bullish reversal resistance level.
• "So the market’s most bullish facet, Fed support, is missing at a time when these other very threatening issues are developing. But perhaps more to the point, this may be the Fed’s intention. Ms. Yellen mentioned in December that she felt there was a higher probability of a recession if the Fed didn’t raise rates. Further to that point, stock prices are not a Fed mandate. This is but a consequence of the Fed attempting (and thus far, not succeeding) at their dual mandate of healthy employment and inflation."
• "As long as the Fed continues to talk up higher rates, the S&P is at a risk of continued correction-like moves, and the charts begun to show this with lower-lows, and lower-highs. After the massive move to start the year, stock prices have begun retracing; but in reality we’re really just working on a bear flag formation. On the chart below, we’re taking a look at that formation on the 4-hour chart with a Fibonacci retracement of the most recent major move applied."

If daily price will break 1118.56 support level so the primary bearish will be continuing.
If daily price will break 2051.19 resistance level so the reversal to the primary bullish condition will be started.
If not so the price will be ranging within the levels.

• Recommendation for long: watch close D1 price to break 2051.19 for possible buy trade
• Recommendation to go short: watch D1 price to break 1118.56 support level for possible sell trade
• Trading Summary: ranging bearish

Resistance	Support
1946.97	1872.53
2051.19	1118.56

SUMMARY : bearish
TREND : ranging


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