Technical Update - S&P500 & Nasdaq 100
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
S&P 500 is in a short term down trend. However, RSI still above 40 threshold i.e. not bearish sentiment. However, if S&P 500 closes below 4,381 we are likely to see RSI closes below 40 which is likely to fuel further sell-offs towards support area 4,300-4,252.
Resistance around 4,500 i.e. 200 SMA. If S&P500 closes above 200 SMA Index will close the gap from 11th April. Strong resistance at 4,525.
US500 cfd/future is pointing to lower opening later today. If it trades below low from yesterday at 4,360 selling pressure is likely to intensify. Some support at 4,328 and 4,262.
Nasdaq 100 Buyers tried to lift the Index from the opening 14th April but sellers took control forming a bearish engulfing like candle engulfing previous three days. Selling wasn’t followed through yesterday but short term trend is down although not yet confirmed on the RSI still being above 40 threshold. A downtrend that could test 13K strong support. Minor support around 13,500
To neutralize the short term down trend a close above 14,342 is needed.
USNAS100cfd/Future is testing support at 13,830. Another break below is likely to fuel a sell off down March lows.
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.
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