Technical Analyst, Saxo Bank
Summary: Nasdaq 100 breaking strong resistance after being rejected twice. Eyeing 16K and all-time high
S&P 500 fast approaching strong resistance area 4,546-4,637
Nasdaq 100. After being rejected twice broke Nasdaq 100 yesterday above key strong resistance at 15,265.
Daily RSI still showing positive sentiment but there is still divergence indicating both higher levels but suggesting uptrend is weakening.
However, with RSI closing above its falling trendline strong indication higher levels are likely.
16K is in sight. Short-term a move to 1.618 – 2.00 Projection at 15,651-15,878 is likely There is no strong resistance level until all-time highs
Bigger picture on weekly Nasdaq 100 is trading in a steep rising channel. Divergence on RSI indicating weakening trend but to reverse the trend a close below 14,687 is needed.
USNAS100 cfd: Uptrend extended with likely short-term move to 15,651 - 15,878
S&P 500 seems on track towards strong resistance area around 4,546 – 4,637. Identical to Nasdaq there is RSI divergence on both daily and weekly indicating the uptrend is a bit stretched, but a bullish break of the falling trendline would be indication of higher levels, possibly cancelling the divergence thereby resulting in higher Index levels.
To reverse the uptrend a close below 4,328 is needed.
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