Technical Analysis

Technical Outlook: S&P 500 Upside Restricted, DAX Makes Topside Breach

Fairness Evaluation and Information

S&P 500 | Descending Trendline to Spark Inflection Level

DAX | Key Resistance Cleared, Bulls Goal 11500

S&P 500 | Descending Trendline to Spark Inflection Level

Following the closing break above 2600, the S&P 500 has continued to push for higher ranges. Nonetheless, momentum to the upside may probably be curbed by notable resistance on the 2700 stage, which additionally coincides with the 61.eight% Fibonacci retracement. Alongside this, the descending trendline from the report excessive sits at 2710-20, which may enable for a possible topping out for the index.

S&P 500 Value Chart: Day by day Time Body (Sep 2018 – Jan 2019)

S&P 500 Daily Price Chart

DAX | Key Resistance Cleared, Bulls Goal 11500

As famous final week, the DAX had reached the primary massive stage of resistance, which has subsequently been damaged. As such, eyes are on a transfer in direction of the 100DMA (11250), which may provide the following stage of resistance. A break above nevertheless, will increase scope of a check of 11500, which roughly coincides with the 38.2% Fibonacci retracement of the 2018 peak to the 2018 low.

DAX Value Chart: Day by day Time Body (Dec 2017 – Jan 2019)

DAX Daily Price Chart

— Written by Justin McQueen, Market Analyst

To contact Justin, e-mail him at Justin.mcqueen@ig.com

Observe Justin on Twitter @JMcQueenFX

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