Technical Update - Nasdaq 100 and S&P500
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Nasdaq 100 closed at the lowest level in 10 months just a few points above 12,998 support. Pre-market the future/USNAS100 cfd has dipped below 13K but us at the time if writing trading above.
A Daily close below support is likely to further fuel sell-ffs down to support around 12,287.
Daily RSI has closed below the rising trend line indicating lower levels. However, divergence indicates a weakening of the downtrend supporting a rebound picture. Really seems like Nasdaq is on a knifes edge these days
Almost identical picture on S&P 500. 4,164 is the support to keep an eye on. A daily close below could lead to further down side to support at 4,056.
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