Technical Update - S&P 500, Nasdaq 100 and Dow Jones Industrial

Nasdaq 100 touched the lower trendline in what seems like a slightly rising channel. A bearish break below is quite likely supported by RSI yesterday closed below 40 threshold i.e., in negative sentiment.

Nasdaq 100 is on course to test October low at around 10,440.
However, a move lower (below October low) is not unlikely. If Nasdaq 100 closes below 10,440 a move below 10K should be expected. Support at around 9,736 just a few points below the 1,382 projection of the October-December correction at 9,781.
If weekly RSI closes back below 40 this bearish scenario is likely to play out. A daily close above 12,167 is needed to reverse this bearish scenario.

Dow Jones Industrial Index is testing the medium-term falling trend (black) line. RSI has showed divergence for a couple of weeks warning of a likely trend reversal/correction. Currently RSI is still in positive sentiment though, it needs to close below 40 to change that.
If RSI closes below 40 and Dow Jones breaks below the falling trendline further sell-off down to support at around 31,738 could be seen.
However, the 200, 100 and 55 daily SMA’s provide some support. 200 SMA is currently flat around the 0.382 retracement around 32,400.

Medium-term Dow Jones is technically in and uptrend with positive sentiment but if S&P 500 and Nasdaq performs as described above Dow Jones will not go untouched and could drop to around 30K i.e., 0.786 retracement of the October- December uptrend.
For Dow Jones to resume its uptrend a move above 34,712 is needed.

RSI divergence explained: When the price of an instrument is making a new high/low but RSI values are not making new high/low at the same time. That is a sign of imbalance in the market and a weakening of the uptrend/downtrend. Divergence or imbalance in the market can go on for quite some time but not forever. It is an indication of an exhaustion of the trend