120419 WallstrM 120419 WallstrM 120419 WallstrM

Technical Update - S&P 500 and Nasdaq 100 running away from range bound Russell 2000

Equities 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Big cap Indices S&P 500 and Nasdaq 100 are leaving Small caps in the dust. Range bound Russell 2000 could resume downtrend


S&P 500 trading in a rising channel like pattern closing in on resistance at around 4,195. A close above paves the way towards strong resistance at around 4,308. No divergence on RSI supports the uptrend.
To reverse the uptrend a close below 3,906. If closing below the lower rising trendline and below 4,069 a set back to around 4K could be seen.
However, All Moving Averages are rising strongly indicating an bullish underlying sentiment.

sp500 d 17apr
Source all charts and data: Saxo Group

Nasdaq 100 is short-term range bound but still in an uptrend overall. IF Nasdaq 100 takes out 13,189 the Index is likely to test 13,700 resistance area.
A close below 12,846 a correction down to around 12,500 possibly dipping down to around 12,518 where 55 daily Moving Average will provide support.
RSI indicates Nasdaq is likely to trade higher in coming 1-2 weeks.

nasdaq d 17apr

Small cap Russell 2000 Index is underperforming the Big caps. Index seems to be caught in a range between 1,700 and 1,800. However, a daily close below 1,742 down trend is likely to resume for a move down to around 1,653.
Upside potential seems limited. 1,825 is a strong resistance level with both 55, 100 and 200 daily Moving Averages coming down putting a lid on the Index.
A close above 1,825 is needed for the Small cap index to fuel a rally higher

Russell d 17apr

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/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900
Hellerup
Denmark

Contact Saxo

Select region

International
International

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.