Technical Update - S&P 500 testing key support. Nasdaq 100 bounce likely to be short-lived Technical Update - S&P 500 testing key support. Nasdaq 100 bounce likely to be short-lived Technical Update - S&P 500 testing key support. Nasdaq 100 bounce likely to be short-lived

Technical Update - S&P 500 testing key support. Nasdaq 100 bounce likely to be short-lived

Equities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  S&P 500/US500 bouncing from key support but is likely to test it again.
Nasdaq 100/USNAS100 bounce could be short-lived. Observe key levels

S&P 500 bounced yesterday from the 4,455 support but could have another go at today Tuesday. The Future/US500 cfd is indicating just that pre-market.
If closing below a sell-off below the 4,400 is likely . Strong support at around 4,340.

For S&P500 to resume uptrend a close above 4,528 is needed.
RSI is still above 40 threshold i.e., still showing positive sentiment but if S&P 500 cis closing lower the indicator is likely to drop to close below 40 i.e., showing negative sentiment with likely lower index levels to follow.

Source all charts and data: Saxo Group

US500 cfd is pre-market once again testing the 4,455 support. A close below could fuel a sell-off down to support at around 4,384.
For US500 to resume uptrend a close above 4,541 is needed

Nasdaq 100 is in a downtrend despite a strong end to the session yesterday. A close above 15,367 will put the Index in neutral position .
Bulls can find comfort in RSI still showing positive sentiment since it has not yet closed below 40 threshold and if S&P 500 is closing above 15,524 uptrend will resume.

Strong support at around 14,750. A close below next support at around 14,254.

USNAS100 cfd in downtrend with support at around 14,706. To reverse the down trend a close above 15,526 is needed.
Support at 14,706 and 14,250.


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