Technical Update - S&P 500 and Nasdaq 100 bouncing from support Technical Update - S&P 500 and Nasdaq 100 bouncing from support Technical Update - S&P 500 and Nasdaq 100 bouncing from support

Technical Update - S&P 500 and Nasdaq 100 bouncing from support

Equities 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  S&P 500 and Nasdaq 100 have found support around 200 daily Moving Average. Maybe they can resume uptrend.
Article includes US500 and USNAS100 levels and charts



S&P 500 bounced from 200 daily Moving Average and support at 3,949. RSI is still above 40 meaning it is still in a positive sentiment with no divergence from the peak early February. If S&P 500 closes above 4,030 the uptrend is likely to resume. A first indication of this scenario to play out could be if RSI closes above its falling trendline.
If S&P 500 closes below 3,949 and RSI closes below 40 S&P 500 is in a confirmed bear trend.

Source all charts and data: Saxo Group

US 500 cfd bounced from 200 daily moving average and support at 3,947.50. With RSI still in positive sentiment that support is likely key for Bull/Bear trend direction.
If US500 moves back above the 21 daily
Moving Average US500 is likely to resume uptrend.

Nasdaq 100 bounced from the daily Moving Average and support at 11,906. RSI is still above 40 meaning it is still in a positive sentiment with no divergence from the peak early February. If Nasdaq 100 closes above 12,385  and above the 21 daily Moving Average the uptrend is likely to resume.
A first indication of this scenario to play out could be if RSI closes above its falling trendline.

A close below 11,906 could lead to a sell-off down to around the 0.618 retracement at 11,515 possibly down to support at around 11,259.

USNAS100 Double Top pattern potential is still unfolding. After the break below 12,213 there is down side potential to around the 0.618 retracement at 11,518 as illustrated by the two vertical arrows.
However, USNAS100 has found support at the 200
daily Moving Average and if it jumps back above the 21 daily Moving Average the Double top pattern is demolished and uptrend is likely to resume with potential to February peak level. .  

Disclaimer

Saxo Capital Markets (Australia) Limited prepares and distributes information/research produced within the Saxo Bank Group for informational purposes only. In addition to the disclaimer below, if any general advice is provided, such advice does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of trading any financial instrument as trading can result in losses that exceed your initial investment. Please refer to our Analysis Disclaimer, and our Financial Services Guide and Product Disclosure Statement. All legal documentation and disclaimers can be found at https://www.home.saxo/en-au/legal/.

The Saxo Bank Group entities each provide execution-only service. Access and use of Saxo News & Research and any Saxo Bank Group website are subject to (i) the Terms of Use; (ii) the full Disclaimer; and (iii) the Risk Warning in addition (where relevant) to the terms governing the use of the website of a member of the Saxo Bank Group.

Saxo News & Research is provided for informational purposes, 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. No representation or warranty is given as to the accuracy or completeness of this information. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. No Saxo Bank Group entity shall be liable for any losses that you may sustain as a result of any investment decision made in reliance on information on Saxo News & Research.

To the extent that any content is construed as investment research, such 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.

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments.Saxo Capital Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Capital Markets or its affiliates.

Please read our disclaimers:
- Full Disclaimer (https://www.home.saxo/en-au/legal/disclaimer/saxo-disclaimer)
- Analysis Disclaimer (https://www.home.saxo/en-au/legal/analysis-disclaimer/saxo-analysis-disclaimer)
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)

Saxo Capital Markets (Australia) Limited
Suite 1, Level 14, 9 Castlereagh St
Sydney NSW 2000
Australia

Contact Saxo

Select region

Australia
Australia

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit www.home.saxo/en-au/about-us/awards

Saxo Capital Markets (Australia) Limited ABN 32 110 128 286 AFSL 280372 (‘Saxo’ or ‘Saxo Capital Markets’) is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms, Financial Services Guide, Product Disclosure Statement and Target Market Determination to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Saxo Capital Markets does not provide ‘personal’ financial product advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Capital Markets does not take into account an individual’s needs, objectives or financial situation. The Target Market Determination should assist you in determining whether any of the products or services we offer are likely to be consistent with your objectives, financial situation and needs.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website is not intended for residents of the United States and Japan.

Please click here to view our full disclaimer.