U.S. Indices Technical Outlook:
- S&P 500 money index reversed off resistance
- Nasdaq 100 ran aground into a major trend-line
- Dow Jones vary failure breakout is bearish worth motion
S&P 500, Nasdaq 100, Dow Technical Outlook for the Days Ahead
The S&P 500 ran aground to begin the week by tagging off on the excessive from early June, a stage created from March when the market put in a brief low. The reversal yesterday had the draw back coming into play and this morning we’re beginning to see just a little observe via.
The query can be simply how a lot follow-through we get. There aren’t any notably nice ranges to show our consideration to, however there’s in the NDX which we’ll get to in a minute. Watching the NDX help stage can be key for the broader market.
The pondering is that we are going to get a fall swoon to begin in the weeks forward, however will it come from present ranges or just a little bit larger is the massive query. For now, retaining it to the short-term the draw back ought to be in play in the days forward. A reversal and shut again above the money excessive at 4186 will flip momentum again in direction of bullish.
S&P 500 Daily Chart
The Nasdaq 100 confirmed stalling momentum off the trend-line again to December, however yesterday’s pop and reversal suggests the market now needs to retrace at the least. There is instant help in the space to look at round the 13020/12897 neighborhood. Perhaps this caps the draw back and we see a bid, but when it breaks then extra downward strain is anticipated.
It is feasible that the touching of this trend-line and switch down is the starting of a a lot bigger transfer decrease, however we’ll first must see how the decline begins to unfold and whether or not the market can regain its footing shortly or not.
Nasdaq 100 Daily Chart
The Dow Jones was placing in a variety and when it got here out of it yesterday the rally regarded set to proceed, however a swift reversal again inside a variety is usually a robust sign that we are going to see decrease ranges. Typically the different facet of the vary at the least, but when that breaks then a bigger transfer is predicted.
The low of the vary to look at is 32387. If we see the market maintain up and take out yesterday’s excessive at 33109, it received’t take lengthy for the early June highs to come back into play as resistance at 33272.
Dow Jones Daily Chart
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—Written by Paul Robinson, Market Analyst
You can observe Paul on Twitter at @PaulRobinsonFX