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Technical Update - S&P 500 and Nasdaq 100 looking for higher levels

Equities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  New all-time high in S&P 500/US500 but likely more to come. Nasdaq 100 /USNAS100 pausing just below all-time high. Indicators pointing to a bullish break

S&P 500/US500 closed yesterday at an all-time high to within few points of 2.00 projection of the Q3 2023 correction (the Handle of the Cup and Handle pattern on the weekly chart) at 5,110

Daily RSI is back above 60 threshold but there is still divergence indicating uptrend is stretched. However, the weekly RSI made new high i.e., not showing divergence indicating medium-term trend could continue further. The 0.618 extension of the Cup and Handle pattern at 5,296 could be reached.

To reverse the bullish trend a close below 4,920 is needed
sp500 d 2302
Source all charts and data: Saxo Group
sp500 w 2302
us500 d 2302

Nasdaq 100 closed yesterday just a few cents short of its all-time high. Daily close above 18,045 will confirm the bullish trend has resumed. A move to the 1.382 projection of the latest correct at 18,317 is in the cards. That is close to the 0.786 Extension of the Q3 correction at 18,374 – see weekly chart.  

However, there could be further upside in store for Nasdaq. A daily close above 18,374 is likely giving further energy to 18,500-18,750 levels.  

A daily close below 17,319 will reverse the bullish picture

nasdaq100 d 2302
nasdaq100 w 2302

USNAS100 cfd levels: Uptrend is reversing if closing below 17,315

usnas100 d 2302
How to understand technical Indicators used in the analysis: Volume, Moving Averages, RSI and Ichimoku Cloud
Technical analysis studies and indicators


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