Technical Update - S&P 500, Nasdaq 100 and Dow Jones
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
US Indices seems to be range bound trading in a tight range of the Highs/Lows from the 2nd June. Break out needed for direction
S&P 500 range bound between 4,073 and 4,177. If breaking out to the upside key resistance is 4,300.
To the downside May lows are likely to be tested.
If RSI breaks below rising trend line it is a strong indication that lows are to be tested, despite RSI showing divergence. The falling volume during the rebound is further a sign of weakness.
Nasdaq 100 range 12,458 and 12,893. Break out resistance around 13,378-13,543 is likely to be reached.
A close below the range AND a close of the gap we are likely to see Nasdaq testing May lows below 11,500.
Dow Jones Industrial range 32,509 – 33,272. Upside resistance at 33,637 and Key resist at 34,102. If closing below range May lows likely to be tested.
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