Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
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Technical Update - S&P 500 and Nasdaq 100 failing to break key resistance. Dow Jones range bound
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: S&P 500 running out of steam before testing key resistance at 4.110. Nasdaq 100 rejected at its key resistance level. Jury’s still out if they’ll have another go or bear trend will resume.
Dow Jones Industrial still range bound
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Today's Market Quick Take from the Saxo Strategy Team
S&P 500 buyers ran out of power short of key strong resistance at 4,110. Short-term trend is still up however, and RSI still bullish indicating higher levels are likely but 4,110 could be a hard nut to crack.
If S&P 500 can close above there is potential short-term up to 1.618 projection and strong resistance at around 4,308.
If the sellers are taking back control and push S&P 500 back below both 200 and 55 daily SMA’s it is likely to fuel a sell-off lower to 3,800-3,700. Key support at around 3,877
Nasdaq 100 was rejected spot on the key strong resistance at 12,167. The Index closed a few cents below the resistance after spiking above Friday.
Now back below 200 daily SMA selling pressure could increase to test the medium-term falling trendline. A close below the trendline key support at around 11,259. First indication of this scenario to unfold would be a close below lower rising trendline in the very short-term rising channel.
However, RSI is still showing positive sentiment with no divergence indicating higher levels are in the cards. 12,167 is the key resistance. A close above is likely to fuel a rally to next resistance and 1.382 projection at around 12.740.
Now back below 200 daily SMA selling pressure could increase to test the medium-term falling trendline. A close below the trendline key support at around 11,259. First indication of this scenario to unfold would be a close below lower rising trendline in the very short-term rising channel.
However, RSI is still showing positive sentiment with no divergence indicating higher levels are in the cards. 12,167 is the key resistance. A close above is likely to fuel a rally to next resistance and 1.382 projection at around 12.740.
Dow Jones Industrial is still range bound struggling for further upside momentum.
A close above 34,342 for a test and likely break of previous at 34,712. Next resistance at 35,294.
Key support at around 32,573 for a bearish breakout for a move to support at 31,738
If Dow Jones closes below 55 daily SMA it could an indication of a bearish breakout
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