Technical Update - S&P 500 and Nasdaq 100
Kim Cramer Larsson
Technical Analyst, Saxo Bank
S&P500 broke key support at 4,381 right after the opening Friday to close spot on the 0.764 Fibonacci retracement at 4,271 thereby resuming bearish trend.
RSI closed below 40 threshold and Bollinger bands are expanding further confirming the bearish scenario where S&P500 is likely to test February/March lows this week.
4,164 is strong support which we can see from the weekly chart. If the Index closes below 4,164 next strong support is at around 3,815 which is the 0.382 Fibonacci retracement of the 2020-2021 bull market and key.
Bollinger bands on weekly are expanding and RSI indicating negative sentiment underlining the over all Bearish picture.
Nasdaq 100 resumed bearish trend Thursday and followed through Friday an dis likely to test March lows in a few days. All indicators showing negative sentiment
If 12,950 key support is taken out next strong support is 12,208 and 11,152.
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.