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Technical Update - S&P500, Dow Jones and Nasdaq 100
Summary: Despite US Markets soaring 3-3.5% yesterday closing few points below minor resistance levels. All Moving Averages are declining meaning underlying bearish trend and sentiment. Will rebound be extended or run out of steam?
S&P500 closed a few points below minor resistance at 4,309. If Index closes above it is not unlikely to move a higher to 4,400-4,450 before rebound runs out of energy. Divergence on RSI indicates rebound could
If it doesn’t close above selling pressure is likely to resume and to intensify if trading back below 4,164.
Dow Jones closed a few points below minor resistance at 34,100 touching 21 and 55 SMA that are both falling. A daily close above could extend the rebound to 34,500-35,000. If it fails to close above selling pressure is likely to resume
Nasdaq 100 Closed almost spot on the minor resistance at 13,543. IF it closes above rebound could extend the rebound to around 14,000-14,300. However, all Moving Averages are falling i.e. underlying trend still bearish.