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Technical Update - S&P 500, Nasdaq 100 and Dow Jones
Summary: S&P 500 managed to close above key support whereas Nasdaq closed below its key support resuming down trend. Dow Jones was set to confirm uptrend but failed as sellers took control after a positive opening
S&P 500 got rejected at the 100 SMA to be sent back below 200 SMA and close d a few points above key support at 4,381. A Daily close below will resume down trend.
RSI still showing positive sentiment. A daily close below 40 threshold will reverse that picture to negative.
S&P 500 needs to close above 4,525 to turn Bullish.
Nasdaq 100 closed below key support at 13,827The Index could be set for a re-test of the March low at around 13K. RSI is still above 40 however, which some Bulls will cling to in a hope for Nasdaq to rebound. But the trend is down. To reverse the trend a close above 14,265 is needed.
Dow Jones Industrial. During the early part of trading session yesterday Dow Jones looked to confirm short term uptrend. That picture was quickly shattered however, when sell-off hit resulting in a Bear Engulfing candle
The Index is back to neutral or Range Bound between 34,100 and 35,500. A close above 35,493 is needed for uptrend to resume.