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.

 

Disclaimer

The Saxo Bank 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 Bank 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 Bank 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 Bank 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 Bank 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 Bank 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 (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
- Full disclaimer (https://www.home.saxo/en-mena/legal/disclaimer/saxo-disclaimer)


Boulevard Plaza, Tower 1, 30th floor, office 3002
Downtown, P.O. Box 33641 Dubai, UAE

Contact Saxo

Select region

UAE
UAE

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.