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US Index Levels to Watch – 12 June
Neil Wilson
Investor Content Strategist
Note: This is marketing material. This article is not investment advice, capital is at risk.
US Index Levels to Watch – 12 June
Key trading levels and signals to watch in US indices
Summary: Positive news on trade and lower-than-expected inflation failed to lift stocks on Wall Street...there are signs of real weakness in the economy and we’ve had a good run...not the time to make a fresh all-time high on Wall Street at least but also not the time to throw in the towel – Vix lowest since February reflects complacency...time to chop sideways and see a little downside from here. Technicals look shaky on the major indices. The S&P 500 closed down 0.27% to snap a three-day win streak while the Nasdaq fell 0.5%. The good news is well and truly baked in, and the bad news is being ignored.
S&P 500
Yesterday saw a big rejection for bulls at 6,069 as trade news and inflation data was sold. Now tests big round number support at the May 29th high on 6,000 as bulls give up the momentum as they lack positive catalysts to push to new ATHs. Look for this to hold for bulls to regain control otherwise bears may take over. RSI has been diverging and suggesting breakdown and this looks to be confirmed by MACD bearish crossover though the latter looks far from decisive at the moment.
Look to test May 20th high at 5,973, which was rejected then and pushed lower for the next week. Bottom of the Bollinger band sits very close to the 200-day SMA around the next big round number support at 5,800, the March swing high – this could be tested again on lack of good news and deteriorating US eco data.
Signals: Near-term signals only point to falling wedge/channel down potentially heading towards 5,975 at completion.
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