Technical Update - S&P 500, Nasdaq 100, Dow Jones & Russell 2000 Technical Update - S&P 500, Nasdaq 100, Dow Jones & Russell 2000 Technical Update - S&P 500, Nasdaq 100, Dow Jones & Russell 2000

Technical Update - S&P 500, Nasdaq 100, Dow Jones & Russell 2000

Equities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Nasdaq continuing higher confirming uptrend and is eyeing 13K and beyond.
S&P 500 above 4K testing short-term falling trendline. Could confirm uptrend in coming days
Big Cap Dow Jones and Small Cap Russell 2000 bounced off strong support but upside seems limited short-term
Including US500 and USNAS100 levels

Today's Saxo Market Call podcast.
Today's Market Quick Take from the Saxo Strategy Team

S&P 500 has retraced 50% of the February bearish market to touch the short-term falling trendline yesterday. The Index closed above 4K and above the 55 daily MA, and is back in the cloud. RSI is still showing negative sentiment but could reverse that picture if S&P 500 moves higher next couple of days.
An Index close above the falling trend and above the cloud could give bulls more energy to lift the Index higher.
Resistance at around 4,048. A close above 4,079 will confirm uptrend that is likely to take S&P 500 to February peak around 4,200. A close below 3,900 will reverse this likely bullish scenario.

Source all charts and data: Saxo Group

US500 cfd closed yesterday above the falling trendline. Testing it from the upper side today. If dropping back below 3,900 downtrend is likely to resume

Nasdaq 100 pushing higher and has taken out 0.786 retracement at 12,627. 13K is in sight. If Nasdaq 100 closes above February peak at 12,881 there is no strong resistance at around 13,687 close to the 1.618 projection of the February correction. First target after a close above 12,881 is likely to be the 1.382 projection at around 13,333.
RSI is positive with no divergence supporting the bullish view. To reverse this bullish picture a close below 12,407 is needed fort a test of the short-term falling trendline.

Dow Jones Index bounced from the support at around 31,738 to the 0.382 retracement and resistance at around 32,573. A close above is likely to pave the way to 0.618 retracement at around 33,233 where the 55 and 100 daily MA’s will adding resistance. RSI is still negative but has broken above its falling trendline. There is no divergence however, so of RSI breaks back below 40 threshold it is an indication of lower levels in the Index is coming.
If Dow Jones closes below 31,738 the down trend is likely to be extended below 31K with strong support at around 30,192

Russell 2000 Smal Cap Index has bounced from strong support at around 1,722. RSI divergence indicates there could be further upside possibly to test the strong resistance around 1,825.
A close below 1,722 is likely to lead to a sell-off down to 1,653


RSI divergence explained: When instrument price is making a new high/low but RSI values are not making new high/low at the same time. That is a sign of imbalance in the market and an weakening of the uptrend/downtrend. Divergence or imbalance in the market can go on for quite some time but not forever. It is an indication of an exhaustion of the trend


The Saxo Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo or its affiliates.

Saxo Capital Markets HK Limited
19th Floor
Shanghai Commercial Bank Tower
12 Queen’s Road Central
Hong Kong

Contact Saxo

Select region

Hong Kong S.A.R
Hong Kong S.A.R

Saxo Capital Markets HK Limited (“Saxo”) is a company authorised and regulated by the Securities and Futures Commission of Hong Kong. Saxo holds a Type 1 Regulated Activity (Dealing in Securities); Type 2 Regulated Activity (Dealing in Futures Contract); Type 3 Regulated Activity (Leveraged Foreign Exchange Trading); Type 4 Regulated Activity (Advising on Securities) and Type 9 Regulated Activity (Asset Management) licenses (CE No. AVD061). Registered address: 19th Floor, Shanghai Commercial Bank Tower, 12 Queen’s Road Central, Hong Kong.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products may result in your losses exceeding your initial deposits. Saxo does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo does not take into account an individual’s needs, objectives or financial situation. Please click here to view the relevant risk disclosure statements.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this site may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and services offered on this website are not directed at, or intended for distribution to or use by, any person or entity residing in the United States and Japan. Please click here to view our full disclaimer.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc. Android is a trademark of Google Inc.