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Technical Update - S&P 500 and Nasdaq 100 extending uptrend eyeing all-time highs

Technical Update - S&P 500 and Nasdaq 100 extending uptrend eyeing all-time highs

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

Summary:  S&P 500 / US500 extending uptrend. Could test all-time high before Christmas
After a minor correction Nasdaq 100 / USNAS100 is resuming uptrend eyeing all-time highs

S&P 500 closed yesterday above July peak at 4,607. Now there is no strong resistance until all-time high at around 4,818 recorded January 2022. Minor resistance at around 4,637 (March 2022 peak)

A close below 4,540 is likely to send the Index back down to test the upper border of the Gap area at 4,458

Source all charts and data: Saxo Group

US500 cfd Bullish trend with potential to 4,818

A close below 4,537 will demolish the bullish picture and can send the US500 down to around 4,466.

   

Nasdaq 100 has resumed uptrend after a minor correction that saw the Index testing the upper band of the gap area at 15,744. A bullish move to 2.00 (200%) projection of both the October sell-off and the minor correction last week are indicating a short-term target of around 16,610-16,637.

However, all-time highs at around 16,765 could be reached sometime around Christmas and New Year.

A close below 15,744 will demolish the bullish scenario and a close below 15,535 i.e., a closing of the gap area will reverse the trend

USNAS100 cfd uptrend could be could reach 16,620-16,640 within next couple of weeks. All-time high around 16,768 could be reached around New Year. A close below 15,691 will reverse the uptrend

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