US Index Technical Outlook:
- S&P 500 appears to be like down, however there can be rallies alongside the best way
- VIX spike, rallies more likely to fail except we see cascade in gross sales
- S&P 500, Nasdaq 100, Dow Jones Technical Outlook
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S&P 500, Dow Jones, Nasdaq 100 Technical Outlook for the Coming Days
Outlook for shares stays the identical, bearish. The S&P 500 continues to look at new lows throughout this cycle, and is doing so with restricted urgency by sellers. Certain, the sentiment is bearish and might even be thought-about excessive in some methods. However except we see a value motion match bearishness, ie no less than one mini-route, the shares are more likely to proceed declining.
It is onerous to say how little. The realm round 3400/500 may are available as a assist space (3400 = high earlier than the pandemic), but when issues go awry, that space may be simply breached. It is onerous to say the place the low will come till we see an exit rush and a spike in VIX.
So long as the rallies proceed to develop from a light sell-off, they’re seen as more likely to fail. The rallies may be weak in nature, or very speedy however short-lived like we needed to begin final month and this month.
We are going to hit a tradable low sooner or later, and it appears to be like like that might occur comparatively quickly. However except there’s a liquidation occasion, promoting rallies appears to be essentially the most prudent technique to entry the markets in the meanwhile.
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S&P 500 Every day Chart
S&P 500 Chart by TradingView
Nasdaq 100 Transferring on in latest classes and if you’re bearish that is what you wish to watch. It’s a signal value watching when tech shares present or present relative energy/weak spot in different sectors.
The excessive earlier than Covid was 9736, a stage that might be seen in brief order. The highest-side sees resistance first on the June low of 11037, then on the 11300/450 space.
Nasdaq 100 Every day Chart
Nasdaq 100 Chart by TradingView
Dow JonesDiscovering resistance across the pre-covid excessive at 29568, as it’s fairly a bit additional down the course. There’s a hole at 28299 from the 2020 election that appears ahead to be stuffed. Even when the 29568 stage is crossed on the upside, it isn’t seen as a long-term maintain.
dow jones day by day chart
Dow Jones Chart by TradingView
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— Written by Paul Robinson, Market Analyst
You possibly can comply with Paul on Twitter @PaulRobinsonFX