Technical Update - S&P 500 and Nasdaq 100
Kim Cramer Larsson
Technical Analyst, Saxo Bank
S&P 500 closed higher Friday just touching the 100 daily SMA and 0.618 Fibonacci retracement of the January peak – February low Bearish move. What is more interesting though, is that RSI closed above 60 threshold for the first time since mid-January i.e. now indicating positive/Bullish sentiment.
S&P500 is likely to traded higher and could test February double tops at around 4,595. A likely scenario is for S&P 500 to touch 4,600 in a short term exhaustive move and then retrace.
For Bearish trend to resume first signal could be a close below 4,455.
Rebound in Nasdaq 100 is lagging S&P 500 still trading below 200 SMA and RSI still below 60 i.e in negative/Bearish sentiment. However, if S&P500 is a leading indicator Nasdaq 100 could trade higher testing strong resistance at around 15,165. 200 SMA will offer resistance and 100 SMA is coming down also putting a pressure on the rebound.
If this rebound fizzles and Nasdaq 100 closes below 14,342 selling pressure is likely to resume.
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