Macro: Sandcastle economics
Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.
Access both platforms from your single Saxo account.
DAX, S&P500, Nasdaq 100 and Nikkei 225. The trend is your friend
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
DAX is rising in a fairly narrow channel making new all-time highs almost daily.
RSI is not showing divergence indicating we are likely to see higher levels in coming days and possibly weeks.
If support at 15.985 (15.984 on the GER40 CFD – future) is broken we could see a bearish break out of the lower rising trend line initiating a correction down to around 15.750-15.650.
S&P500 got rejected at the medium term rising resistance line (dark blue). The index seems to be trading in a steep rising channel that could lead to new all-time highs. Yesterday’s session was close to retest highs. Minor support at around 4.622 needs to hold to support uptrend scenario. Support is at around 4.551.
Nasdaq 100 broke out of its rising channel with what seem to be just a minor correction. The Index seems to have found support at around the 16K mark so if it does not close below 15.905 the uptrend seems to be intact and we could see a push for higher levels in coming days. No divergence on RSI is supporting the scenario of a likely new all- time high.
JP225 (Nikkei225) is as quite different picture. The index has been in a short term uptrend past 5 weeks forming what looks like an Ascending triangle with strong resistance at around 19.960. If breaking above we could see JP225 test 31K level.
There seem to be strong support at around 29K; November low and 200 Simple Moving Average. A close below November low at around 28.968 the current uptrend scenario could be reversed.
Latest Market Insights
Quarterly Outlook 2024 Q3
Sandcastle economics
-
-
Bonds: What to do until inflation stabilises
Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.
-
Equities: Are we blowing bubbles again
Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.
-
FX: Risk-on currencies to surge against havens
Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.
-
Commodities: Energy and grains in focus as metals pause
Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.
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)