Technical Update - Nasdaq and S&P 500. Short-term correction in the cards but bullish picture likely to continue next 2-3 months

Medium- to longer term: A monthly close above 15,265 Nasdaq 100 and monthly RSI closes above 60 threshold we are very likely to see the Index being bullish until August or September. Possibly testing or making a new all-time high during that time.

USNAS100 cfd: A break below upper short-term rising trendline could lead to a sell off down to around 14,200. Trend is still up until a close below 14,190.

S&P 500 has no strong resistance until around 4,546, but a correction over the next couple of days should still be expected. A correction that could take the Index to test the lower rising trendline and the 0.382 retracement at around 4,315. However, buyers could cut the correction short at the minor support at around 4,352.

There is no RSI divergence on daily and weekly suggesting higher Index levels (after a likely correction). Medium-term uptrend is intact unless S&P 500 closes below 4,048. A close below 4,048 will demolish the bullish picture.

The monthly chart is showing RSI divergence but if RSI closes above 60 threshold it will support higher Index levels. A close above its (RSI) falling trendline will further add to the bullish scenario next 2-3 months with S&P 500 likely to test all-time highs August-September.