Technical Update - Nasdaq 100 joins S&P 500 in confirmed bullish trend, eyeing new highs with 3% upside potential Technical Update - Nasdaq 100 joins S&P 500 in confirmed bullish trend, eyeing new highs with 3% upside potential Technical Update - Nasdaq 100 joins S&P 500 in confirmed bullish trend, eyeing new highs with 3% upside potential

Technical Update - Nasdaq 100 joins S&P 500 in confirmed bullish trend, eyeing new highs with 3% upside potential

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

Nasdaq 100 
Yesterday, the bullish picture for Nasdaq 100 was confirmed when RSI closed above the 60 threshold, i.e., now showing positive sentiment.

The index is above the Ichimoku Cloud and back above all moving averages.
If closing above its all-time highs at around 18,465, there is upside potential to the 1.382 projection at 19,034 in the short term.

For Nasdaq 100 to reverse this bullish trend, a daily close below 17,800 is required.
Source all charts and data: Saxo Group
USNAS100 has upside potential to 19,037. A close below 17,780 will demolish the bullish picture.
S&P 500 confirmed its bullish trend last week with the RSI close above 60 and is close to testing the previous peak at around 5,265.

A daily close above is likely giving the index energy to push higher to the 1.382 projection at 5,383.

To demolish this bullish picture, a daily close below 5,100 is required.
If that scenario plays out, the key strong support at 4,953 will come under pressure

US500:Testing all-time highs at 5,277. Upside potential to 5,411. Close below 5,100 bullish picture is demolished.

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