Technical Analyst, Saxo Bank
Summary: The new year is kicking off with a correction in US equities. S&P 500/US500 and Nasdaq 100/USNAS100 are testing key support levels and if broken a larger correction could be unfolding
S&P 500 On the last trading day of 2023 S&P500 closed below the lower rising trendline in what looks like a rising wedge pattern.
Combined with RSI divergence indications of trend is exhaustion is there . Key support at around 4,697. A close below could fuel a sell-off down to 4,598-4,540 (strong support)
If closing above 4,794 uptrend is to be extended towards 5K
US500 cfd support at 4,691 and 4,595. Strong support at round 4,537. Break above 4,793 uptrend to resume
Nasdaq 100 is testing the key support at around 16,552 after breaking below its lower rising trendline in what looks like a rising wedge formation
A close below 16,552 could further push the Index lower to the support at around 16,166
RSI divergence has been warning of trend exhaustion
A break above last week’s peak at 16,969 and the uptrend will resume USNAS100 cfd testing key support at 16,549. A close below is likely to fuel a sell-off down to support at around 16,165, possibly dipping down to the 0.382 retracement at 15,854
A break above last week’s peak uptrend will resume Quarterly Outlook
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