Signals

Short term signal: UP
Intermediate term signal: DOWN
Comment: the price is in the middle of the resistance zone. On the daily chart the move looks strong, but the internal structure is corrective. I expect some reaction at this levels, if higher low is to expect or the sell off will resume is another story(see the chart bellow).

Expected behavior for:
- sell off resumes - sharp move lower should begin
- higher low - weak reaction lower from this levels or higher levels

Levels to watch SP500:
- 1594 last minor low above that short term signal stays up bellow that down again
- 1598-1608 strong resistance, a move higher should not exceed this range
- 1622 bellow that level stay short(intermediate term trend)
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Levels to watch Xetra DAX:
- 7920 - is support for the short term move up
- 7980 - is first resistance to the upside
- 8070-8130 - the gap/strong resistance/MA50