Technical Analyst, Saxo Bank Group
Summary: S&P 500 and Nasdaq 100 have found support around 200 daily Moving Average. Maybe they can resume uptrend.
Article includes US500 and USNAS100 levels and charts
S&P 500 bounced from 200 daily Moving Average and support at 3,949. RSI is still above 40 meaning it is still in a positive sentiment with no divergence from the peak early February. If S&P 500 closes above 4,030 the uptrend is likely to resume. A first indication of this scenario to play out could be if RSI closes above its falling trendline.
If S&P 500 closes below 3,949 and RSI closes below 40 S&P 500 is in a confirmed bear trend.
US 500 cfd bounced from 200 daily moving average and support at 3,947.50. With RSI still in positive sentiment that support is likely key for Bull/Bear trend direction.
If US500 moves back above the 21 daily Moving Average US500 is likely to resume uptrend.
Nasdaq 100 bounced from the daily Moving Average and support at 11,906. RSI is still above 40 meaning it is still in a positive sentiment with no divergence from the peak early February. If Nasdaq 100 closes above 12,385 and above the 21 daily Moving Average the uptrend is likely to resume.
A first indication of this scenario to play out could be if RSI closes above its falling trendline.
A close below 11,906 could lead to a sell-off down to around the 0.618 retracement at 11,515 possibly down to support at around 11,259.
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