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Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
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Technical Update - US stock Indices failing to break key resistance levels. Lower levels ahead for SP500, Nasdaq and Dow Jones
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: US stock Indices failing to break key resistance levels. Sellers back in control could push S&P500 , Nasdaq and Dow Jones lower in coming week
S&P 500 / US500 cfd
Nasdaq 100 / USDNAS100 cfd
Dow Jones Industrial / US30 cfd
S&P 500 has failed to close the gap before sellers took back control. To close the gap a close above 4,402 is needed.
RSI is showing negative sentiment with no divergence indicating lower levels are likely. A bearish move to test the support at around 4,212 once again is in the cards
A close above 4,402 will demolish the bearish picture and could fuel a short rally to around 4,461
US500 cfd: jumped to the 0.618 Fibonacci retracement at 4,395 before Sellers have regained control.
A close above 4,400 could push US 500 to resistance at around 4,466
Nasdaq 100 was rejected at the upper falling trendline and have failed to close above the Cloud (Shaded area)
Closed Friday just a few cents above the Gap area, if Nasdaq is closing below 14,849 expect further selling down to support at around 14,254 possibly lower.
RSI was rejected at the 60 threshold i.e., still in negative sentiment indicating the Nasdaq Index is likely to trade lower in coming days and week. If RSI is closing back below 40 selling pressure could increase pushing Nasdaq 100 below 14K
For Nasdaq 100 to establish a bullish trend a close above 15,334 is needed.
cfd rejected at upper falling trendline. RSI rejected at 60. USNAS100 is likely to resume downtrend towards 14,250. Minor support at around 14,500
To demolish the bearish picture a close above 15,340 is needed
Dow Jones Industrial Avg. DJI has been rejected four days in arow at the resistance at around 33,883.
The Index needs to close above for a move higher. However, the falling trendline and the 55 and 100 Moving Averages are providing resistance and indicating underlying bearish trend
Support at around 32,752
US30 cfd resistance at around 34,022. A break above could lead to a short rally to 34,500-34,600.
A break below 33,448 downtrend is resumed with a likely bearish move to around 31,800
A break below 33,448 downtrend is resumed with a likely bearish move to around 31,800
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