Technical Update - SP500 and Nasdaq 100 likely resuming uptrend Technical Update - SP500 and Nasdaq 100 likely resuming uptrend Technical Update - SP500 and Nasdaq 100 likely resuming uptrend

Technical Update - SP500 and Nasdaq 100 likely resuming uptrend

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  US Indices bouncing from key supports seem likely to resuming uptrends. If uptrends are confirmed new highs are in the cards
S&P500 / US500 cfd and Nasdaq 100 / USNAS100 cfd


S&P 500 yesterday bounced to close back above support at around 4,697. With the RSI also closing back above 60 threshold the Index seems likely to resume uptrend.

If RSI is also closing back above its falling trendline S&P 500 is quite likely to push to take out the peak at around 4,793 and push higher to the 1.382 projection at 4,835, possibly higher.

A close below 4,682 the bullish picture is demolished and a sell-off down to around 4,600 – 4,540 would be likely

 

Source all charts and data: Saxo Group
The US500 cfd has managed to close above its support at around 4,691. If RSI is closing back above its falling trendline uptrend is likely to take US500 to 4,843, possibly higher.
A close below 4,663 will most likely lead to a sell-off down to around 4,595-4,537 support area

Nasdaq 100/USNAS100 cfd seems likely to resume uptrend after strong bullish move Monday. The Index is finding buyers before it could test the key support at around 16,165. An RSI close above the 60 threshold and above its falling trendline will confirm bullish trend has resumed.

A bullish trend with potential to 17,244-17,520.
A close below 16,165 Nasdaq 100 is likely to be hit by a sell-off down to around 14,744/15,691 support
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