Technical Update - S&P 500 and Nasdaq 100
Kim Cramer Larsson
Technical Analyst, Saxo Bank
S&P500 broke key support at 4,381 right after the opening Friday to close spot on the 0.764 Fibonacci retracement at 4,271 thereby resuming bearish trend.
RSI closed below 40 threshold and Bollinger bands are expanding further confirming the bearish scenario where S&P500 is likely to test February/March lows this week.
4,164 is strong support which we can see from the weekly chart. If the Index closes below 4,164 next strong support is at around 3,815 which is the 0.382 Fibonacci retracement of the 2020-2021 bull market and key.
Bollinger bands on weekly are expanding and RSI indicating negative sentiment underlining the over all Bearish picture.
Nasdaq 100 resumed bearish trend Thursday and followed through Friday an dis likely to test March lows in a few days. All indicators showing negative sentiment
If 12,950 key support is taken out next strong support is 12,208 and 11,152.
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