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 & Nasdaq resuming uptrends led by Tech and Semiconductors. Dow Jones still range bound
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: S&P 500 key support 4,110 hold and Index is set for a move to 4,300
Nasdaq lifted by Semiconductors has 15 % short-term potential
Dow Jones still range bound but could break out to the upside.
With the uptrend European Indices looking more and more stretched after outperforming US maybe investors are shifting their focus more to US Equities
S&P 500 bounced from short-term steep rising trendline. 4,110 support still holds. Us Equities are set for higher levels and S&P 500 is looking at 4,308 resistance which is also 1.618 projection of the December correction.
RSI showing positive sentiment and no divergence supporting the bullish picture.
For S&P 500 to reverse the trend a close below 4,088 is first indication for a test of the medium-term falling trend line and the 55 daily SMA.
Nasdaq 100 dipped below 12,740 support but uptrend is still intact. A close below 12,363 could reverse the trend down to around 11,750.
However, RSI is still positive indicating bullish trend to continue towards resistance at around 13,667. Some resistance at around 13,146.
Dow Jones Index is still range bound. A close above 34,342 is needed for higher levels above 34,712. Strong resistance at around 35,294.
Support at 32,573. A close below next support 31,738
Semiconductors and Technology seem to be the main sectors lifting Nasdaq higher.
The Semiconductors illustrated by the SOXX:xnas ETF has formed an inverted Shoulder-Head-Shoulder pattern on the weekly chart with a potential target around 500.
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