Log in Open account
UAE
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider.
Show more
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.
Show less
Technical Update - SP500 and Nasdaq100 confirming uptrend but minor correction could be seen Technical Update - SP500 and Nasdaq100 confirming uptrend but minor correction could be seen Technical Update - SP500 and Nasdaq100 confirming uptrend but minor correction could be seen

Technical Update - SP500 and Nasdaq100 confirming uptrend but minor correction could be seen

2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  S&P500 / US500 cfd and Nasdaq 100 / USNAS100 cfd confirming uptrends. A minor corrrection could be seen but bullish trend likely going into December

S&P 500 closed yesterday in the gap area above lower part of the gap at 4,375. Strong resistance at around 4,401, the upper border of the gap, is still key for S&P 500 upside momentum.

However, RSI did close above 60 threshold yesterday i.e., in positive sentiment strongly indicating S&P 500 will move higher in coming days there by taking out the 4,401 resistance level.

A close above 4,401 thereby also a close above the 100 daily Moving Average could pave the road to 4,540 going in to December

However, after this strong bounce past two weeks a minor correction could be seen. If closing below 4,317 S&P 500 is likely to slide back to test the 200 Moving Average

Source all charts and data: Saxo Group

US500 cfd did not close its RSI indicator above 60 threshold but is at the time of writing above.

A break above 4,400 could fuel a rally towards 4,466-4,251

A close below 4,314 could see US 500 sliding back to the 200 Moving Average currently around 4,250

Nasdaq 100 has been leading the US stock market higher after it closed above its upper falling trendline a few days ago, and the RSI indicator closed above 60.

A minor correction could be seen to test the 15K levels but trend is up.
All Moving Averages are rising further indicating underlying bullish trend and momentum.

Resistance at around 15,561 and July peak at around 15,932.
Closing below 14,781 will demolish and reverse the bullish picture

USNAS100 cfd is testing minor resistance at around 15,338. RSI showing positive sentiment indicating the resistance at around 15,525 is likely to be tested shortly. A break above could lead to a rally to July peak around 15,933

A close below 14,848 will reverse the bullish trend

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article

  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article

  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article

  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article

  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article
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)


Business Hills Park – Building 4,
4th Floor, office 401, Dubai Hills Estate, P.O. Box 33641, Dubai, UAE

Contact Saxo

Select region

UAE
UAE
Products & pricing
Platforms
Accounts & service
General
Other
Legal

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.