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Technical Update - Correction unfolding in Nasdaq 100 and SP500, but how big?
Summary: The looming correction in US equities now seems to be unfolding following yesterday's sell-off
Equities can still end the year or begin the new on a high note with indicators pointing to higher levels
Nasdaq 100 yesterday took out its all-time high before being hit with heavy selling. Sellers took control after buyers had been in control for the better part of two months now. A correction that has been looming is now unfolding. A correction that could take Nasdaq 100 down to the 0.618 retracement and support at around 16,140.
However, the correction could be cut short. The RSI indicator is still showing positive sentiment and there is no divergence indicating Nasdaq is likely to move higher after a correction
A close above 16,860 and the uptrend scenario will be extended
For Nasdaq 100 to reverse to down trend a close below 15,740 is needed.
USNAS100 cfd levels support and 0.618 retracement at 16,165-16,139.
S&P500 got hit by heavy selling prior to hitting its all-time high at around 4,818. A correction could take the Index down to the 0.618 retracement at 4,629 possibly all the way down to strong support around 4,598
RSI still in positive sentiment and no divergence indicating this is not a trend reversal but a correction, and S&P 500 is likely to resume uptrend after a correction.
A close below 4,537 is needed for a trend reversal.
US500 cfd levels: Possible correction to 4,628. Strong support at around 4,606.