Technical Update - S&P500 close to test key resistance. Nasdaq closed above resistance, can it continue uptrend?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
S&P 500 opened yesterday above the falling trendline and buyers were in control throughout the trading session. The leading US Equity Index is likely to test key resistance at 3,974 shortly.
If S&P 500 closes above next resistance is at around 4,073
If S&P 500 drops back below the rising trendline it is a sign of weakness and support at 3,738 could come under pressure.
Nasdaq 100 closed above key resistance at 12,176 confirming short term corrective uptrend. However, RSI is still below 60 i.e. showing negative sentiment and the resistance at 12,458 could put up a fight. That level is the 0.764 retracement and the bearish break out price level 9th June.
If Nasdaq 100 can close above that resistance the Index is likely to test key resistance at 12,983
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