Technical Update - Relief rally in US equities continues after minor correction. How high can it go ?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
S&P 500 has closed the gap and is set for higher levels. Next resistance is at 4,074 and the key resistance at 4,177. 4,177 is key because if closing above it has reversed medium term trend and taken back the entire June sell off.
RSI is showing positive sentiment with no divergence and Traded volume has been rising on up days supporting the bullish trend. If closing below Tuesday low at 3,910 the uptrend is likely to reverse.
Nasdaq 100 resumed its uptrend and is on track to test key support at 12,897. If Nasdaq closes above, there is room up to 13,650-14,000. RSI is showing positive sentiment with no divergence and Traded volume has been rising on up days – declining on down days - supporting the bullish trend. If closing below Tuesday low at 12,051 the uptrend is likely to reverse
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