Technical Update -  S&P 500 uptrend struggling to break 4,200. Nasdaq 100 taking out resistance, eyeing higher levels Technical Update -  S&P 500 uptrend struggling to break 4,200. Nasdaq 100 taking out resistance, eyeing higher levels Technical Update -  S&P 500 uptrend struggling to break 4,200. Nasdaq 100 taking out resistance, eyeing higher levels

Technical Update - S&P 500 uptrend struggling to break 4,200. Nasdaq 100 taking out resistance, eyeing higher levels

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  S&P 500 in an uptrend but struggling to close above 4,200 for further upside
Nasdaq 100 broken key resistnace levels. Indicators suggest higher levels are in the cards


S&P 500 closed above February peak at around 4,195 but couldn’t close above 4,200 which is seen as a key resistance level. RSI is showing positive sentiment but there is divergence indicating the uptrend is fairly weak.
However, the trend is up and there is room up to around 4,300.
A close below 4,050 will reverse the uptrend. A close below the lower rising trendline would be first indication of this reversal scenario to unfold.

Weekly chart shows how important current levels are.
Weekly RSI is still below 60 threshold and if failing to close above a correction down to test lower rising trendline could be seen.

A close above 60 on the RSI will pave the way for a move to 4,308 on the Index.
A close above there is room up till around 4,546

 

 

Source all charts and data: Saxo Group

Nasdaq 100 has broken strong resistance level around 13,720 Thursday. RSI cancelled its divergence indicating Nasdaq is set for higher levels.

To reverse this bullish trend a close below 12,938 is needed. A break of the lower rising trendline will be first indication of this scenario to play out.

Medium-term on weekly chart Nasdaq 100 is in an uptrend with no strong resistance until around 15,265. However, do expect correction before then.
A likely correction level is at the 0.618 retracement at around 14,349 and the upper part of the rising channel the Index seems to be moving in.
For Nasdaq 100 to reverse medium-term bullish trend a close below 12,724 is needed.

 

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