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Technical Update - Nasdaq has broken declining trendline. S&P 500 still below. Will short-term uptrend be confirmed?

Equities 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

S&P 500 is still below short-term falling trend line.

A close above 3,945 short-term uptrend will be confirmed. However, there is strong resistance at 3,970 and at 4,074. If S&P 500 closes below 3,738 down trend is resumed with a likely test of June lows.

There is no divergence on RSI indicating we could see lower levels. RSI is, however moving higher. Will it break above 60 thereby turning to positive sentiment or will it break the rising trend line thereby indicating bear trend to resume…

 


SP500 8 jul
Source: Saxo Group

Nasdaq 100 closed yesterday above its falling trend line. It did so with making a new low a few days ago. RSI still negative sentiment but with the divergence a couple of weeks ago there was indications of a rebound. IF Nasdaq closes above 12,177 it has confirmed a very short-term uptrend.
An uptrend with overhead resistance at 12,460 and 12,897

If the index closes back below the falling trendline it could be an indication of bear trend to resume. If closing below 11,322 downtrend is resumed.

 

Nasdaq 100 8 jul
Source: Saxo Group

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