Technical Update - S&P 500, Nasdaq 100 & Russell 2000 Technical Update - S&P 500, Nasdaq 100 & Russell 2000 Technical Update - S&P 500, Nasdaq 100 & Russell 2000

Technical Update - S&P 500, Nasdaq 100 & Russell 2000

Equities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  US Equity Markets bounced strongly Friday. Nasdaq 100 close to cancel top and reversal pattern and could be eyeing 13,700.
S&P 500 bounced from 4,050. Can it reach key resistance at 4,195
Russell 2000 bounced from 1,700 testing falling trendline. Upside potential seems limited

S&P 500 bounced from support at around 4,050 moving back above rising trendline. Key resistance is at 4,195. A close above could push the Index to 4,300 resistance level.

There is still divergence on  RSI and the top and reversal pattern Gravestone Doji/Evening Doji pattern is still valid. S&P 500 needs to close above the Grave Stone Doji to cancel that

A close below 4,050 will confirm downtrend.

Source all charts and data: Saxo Group

US500 cfd. Strong support at 4,050. Strong resistance at 4,195 for a move to 4,300.

Nasdaq 100 has essentially been range bound between 12,800 and 13,290 for 4 weeks by now. The Index spiked a few cents above top and reversal pattern peak but failed to close above. A close above is needed to cancel the Evening Doji like top and reversal pattern drawn earlier last week.

An Index close above 13,288 and RSI close above back above 60 will pave the road for the Index to 13,700 area. There would still be divergence until RSI closes above the horizontal dashed line, however.

If the Nasdaq 100 slides back to close  below 12,724 bear trend has been confirmed. A close below 12,938 would be first indication of that scenario to play out.  Strong support at around 12,563

USNAS100 cfd bouncing from rising trendline. If breaking above 13,290 USNAS is set to move higher towards 13,700
Key strong support at around 12,800. If closing below rising trendline the support Is likely to come under pressure.

Russell 2000 small cap bounced from 1,700. Could test the upper falling trendline. A close above could spark a short-term rally to strong resistance around 1,825.
The 55, 100  and 200 daily Moving Averages will offer strong resistance for further upside.
A close below 1,700 could send the Index in to a sell-off down to 1,650 key support.

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research 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. To the extent that any content is construed as investment research, you must note and accept that the 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 under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.