Technical Analyst, Saxo Bank
Summary: S&P 500 running out of steam before testing key resistance at 4.110. Nasdaq 100 rejected at its key resistance level. Jury’s still out if they’ll have another go or bear trend will resume.
Dow Jones Industrial still range bound
Today's Saxo Market Call podcast.
Today's Market Quick Take from the Saxo Strategy Team
S&P 500 buyers ran out of power short of key strong resistance at 4,110. Short-term trend is still up however, and RSI still bullish indicating higher levels are likely but 4,110 could be a hard nut to crack.
If S&P 500 can close above there is potential short-term up to 1.618 projection and strong resistance at around 4,308.
If the sellers are taking back control and push S&P 500 back below both 200 and 55 daily SMA’s it is likely to fuel a sell-off lower to 3,800-3,700. Key support at around 3,877
Dow Jones Industrial is still range bound struggling for further upside momentum.
A close above 34,342 for a test and likely break of previous at 34,712. Next resistance at 35,294.
Key support at around 32,573 for a bearish breakout for a move to support at 31,738
If Dow Jones closes below 55 daily SMA it could an indication of a bearish breakout
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