Technical Analyst, Saxo Bank Group
S&P 500 is facing its key resistance at 4,177. A daily close above there is strong resistance at 4,300. The declining 200 SMA and the medium term falling (black) trend line add to resistance.
However, if the Index cannot close above with-in the next couple of days a correction is likely. A close below 4,073 S&P 500 is likely to retrace down to around 3,922.
Weekly chart shows why resistance at 4,177 is key. Around that level – 4,164 to be exact – seems to be a Bull/Bear Pivot level.
Back in in February- March it was a strong support and once broken in April it became a strong resistance tested a couple of times in May.
Nasdaq 100 uptrend seems strong. A test of the resistance at 13,542 this week is likely. It can be a struggle to penetrate it however, but if is Nasdaq closes above 14,265 is next strong resistance. Declining 200 SMA will add to the resistance.
If Nasdaq 100 fails to close above 13,542 instead retracing a close below 12,809 could spur a sell-off down to around 12,176.
No divergence on RSI indicates Nasdaq could move higher
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