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Head of Fixed Income Strategy
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Technical Update - Top and reversal patterns formed in US stock Indices. Corrections likely unfolding, but how big?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Friday both S&P 500 and Nasdaq 100 formed Bearish Engulfing top and reversal candles
Dow Jones formed top and reversal end- February
Corrections are likely unfolding .
RSI divergence on both Indices has been warning about stretched bullish trend and looming trend exhaustion
S&P 500 correction likely unfolding key support at around 5,057. A close below could fuel a sell-off down to 4,953.
RSI divergence has been warning about trend exhaustion for some time by now, and now the uptrend seems to have come to an end, at least short-term.
US500 cfd levels: A break below its rising trendline could ignite a sell off down to support at around 4,920
Nasdaq 100 Key support at around 17,808. A daily Close below is likely to fuel a sell-off down to around 17,478 possibly down to 17,128 .
First strong indication of this scenario to play out would be a break below its lower rising trendline in the rising channel pattern
USNAS100 cfd levels: A break below rising trendline could fuel a sell-off down to 17,870-17,159
A close above Friday peak is needed for uptrend to resume Dow Jones Industrial DJI formed a Doji Evening top and reversal like pattern end of February (circled)
A break below support at 38,457 is likely to push the Index down to support at 37,778.
A close below 38,109 could push the Index lower towards 37,000
For DJI to indicate the uptrend is resuming a close above 38,971 is needed but for the top and reversal pattern to be demolished and DJI to confirm uptrend ahs resumed a close above 39,283 is a must
US30 cfd levels: key support at 38,450 for a move to 37,777.
Technical Indicators used in my analysis: Volume. RSI, SMA and Ichimoko Clouds
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Technical analysis studies and indicators
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