Technical Update - S&P 500 and Nasdaq looking at June lows Technical Update - S&P 500 and Nasdaq looking at June lows Technical Update - S&P 500 and Nasdaq looking at June lows

Technical Update - S&P 500 and Nasdaq looking at June lows

Equity 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

S&P 500 was quite volatile yesterday following the FED interest rate announcement. After first reaction that was t6o sell buyers came in and lifted S&P 500 to test the resistance at 3,900 only to be hammered down again and then some.  Closing spot on the 0.786 retracement.
S&P 500 seems to be set for a test of support at 3,738 and June lows at around 3,636. To demolish this bearish view short-term a close above 3,907 is needed.         

Source: Saxo Group

Identical picture on Nasdaq 100. Rejected at the resistance at 12,046 closing a few points above 0.786 retracement. June lows around 11,037 is likely to be tested.
Closing above 12,063 will demolish the short term bearish outlook.

Source: Saxo Group
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