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CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.52% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred. You should consider whether you understand how CFDs, forex spot transactions or any of our other products work and whether you can afford to take high risk of losing your money.
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Technical Update - Nasdaq 100 breaking key strong resistance, eyeing 16K. S&P 500 extending uptrend towards +4,500 Technical Update - Nasdaq 100 breaking key strong resistance, eyeing 16K. S&P 500 extending uptrend towards +4,500 Technical Update - Nasdaq 100 breaking key strong resistance, eyeing 16K. S&P 500 extending uptrend towards +4,500

Technical Update - Nasdaq 100 breaking key strong resistance, eyeing 16K. S&P 500 extending uptrend towards +4,500

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Nasdaq 100 breaking strong resistance after being rejected twice. Eyeing 16K and all-time high
S&P 500 fast approaching strong resistance area 4,546-4,637

Nasdaq 100. After being rejected twice broke Nasdaq 100 yesterday above key strong resistance at 15,265.
Daily RSI still showing positive sentiment but there is still divergence indicating both higher levels but suggesting uptrend is weakening.

However, with RSI closing above its falling trendline strong indication higher levels are likely.
16K is in sight. Short-term a move to 1.618 – 2.00 Projection at 15,651-15,878 is likely There is no strong resistance level until all-time highs

Bigger picture on weekly Nasdaq 100 is trading in a steep rising channel. Divergence on RSI indicating weakening trend but to reverse the trend a close below 14,687 is needed.

USNAS100 cfd: Uptrend extended with likely short-term move to 15,651 - 15,878

 

S&P 500 seems on track towards strong resistance area around 4,546 – 4,637. Identical to Nasdaq there is RSI divergence on both daily and weekly indicating the uptrend is a bit stretched, but a bullish break of the falling trendline would be indication of higher levels, possibly cancelling the divergence thereby resulting in higher Index levels.

To reverse the uptrend a close below 4,328 is needed.

    

Source all charts and data: Saxo Group
US500 cfd:

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