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.
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Fixed Income Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Commodity Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Fixed Income Strategy
Quarterly Outlook
Head of Commodity Strategy
Disclaimer
The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.
Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)