- US stock-index futures were trading on Wednesday and made some modest gains.
- The NYSE markets were closed due to a holiday in remembrance of President George Herbert Walker Bush, who died Nov. 30 at the age of 94.
Bulls dominated the futures markets and took some profits following the worst day since Oct.10 on Tuesday where the benchmarks the prior day of at least 3% whereby the DJIA dropped 799.36 points, or 3.1%, to 25,027.07, the S&P 500 index fell 90.31 points, or 3.2%, to 2,700.06 and the Nasdaq Composite Index COMP collapsed by 283.09 points, or 3.8%, to 7,158.43 – (The financial and industrial sectors were the worst hit and utilities were the only ones to show any sign of green on the tape in the S&P 500).
On Wednesday, Futures for the Dow Jones Industrial Average climbed 114 points, or by 0.5%, at 25,160. The S&P 500 index added 16.30 points to reach 2,718, or up by 0.6%, while the Nasdaq put up 45 points, or rose by 0.7%, to 6,848.25. These ‘closing’ prices followed Tuesday’s where all three benchmarks had their worst day since Oct. 10 and
DJIA levels
The futures charts had the price looking in at the 4hr 200 SMA with support located at 200-D SMA. Bears remain in charge until the bulls can get their head back above the 38.2% Fibo of the recent rout. Bears can target the 23.6% Fibo support at 24778. Meanwhile, the daily RSI remains negative, and the monthly RSI extends its bearish 2018 correction also with DMIs there negative and daily turning less positive. 4hr RSI has room to go on the downside until oversold as the index takes out the rising 50 SMA.
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