Technical Analysis

S&P 500, Dow, and Nasdaq 100 Technical Outlook Weakens

S&P 500/Dow Jones/Nasdaq 100 Technical Highlights:

S&P 500 pulled off round 200-day, susceptible to extra weak spot

Dow Jones rolling from no main ranges, help ranges to observe

Nasdaq 100 rolling down from close to 200 as effectively

Try the forecasts for World Inventory Indices and different markets on the Buying and selling Guides web page.

S&P 500 pulled off round 200-day, susceptible to extra weak spot

The S&P 500 got here inside solely a small handful of factors of the 200-day MA however thought-about shut sufficient for a take a look at. No splitting hairs right here. In any occasion even when we see power take value as much as and even barely over, search for one other wrestle to ensue. A robust breakout above the 200-day will convey into play extra upside to robust resistance over 2800.

The market nonetheless appears overbought off the low from December and on that with the widely-watched 200-day standing in its method, extra weak spot is predicted within the near-term. Under the Friday low is the excessive from January 18 at 2675, then after that significant ranges are a bit troublesome to come back by. The 2612-area round the place the low from the final dip developed late final month could also be an space the market finds demand.

With international inventory market volatility excessive, see the place our analysts see shares headed within the Q1 World Equities Forecast.

S&P 500 Every day Chart (200 an enormous spot)

S&P 500 daily chart, 200 a big spot

Dow Jones rolling from no main ranges, help ranges to observe

The Dow misplaced momentum at no explicit stage, it simply weakened together with the remainder of the market. The 200-day was already exceeded and has so far supplied some help on the preliminary decline since Feb 5. There’s the hole down at 24580 to observe as help with additional promoting under the Friday low of 24883. On the top-side, a breakout above 25439, together with the S&P taking out the 200-day, ought to have the Dow headed in direction of the 26k-area, the place a few materials swing-highs have been carved out.

Dow Every day Chart (watch 200 as help)

Dow daily chart, watch 200 as support

Nasdaq 100 rolling down from close to 200 as effectively

As was the case with the broader S&P 500, the NDX is coming off from very close to the 200-day. The NDX will look to help round 6816 on weak spot, with the final swing-low of the rally from December arriving close to 6600. Trying larger, the 200-day sits as resistance and never far above that there are swing highs heading into 7100/200; these ranges are prone to show problematic on additional power.

Nasdaq 100 Every day Chart (200-day/value ranges above as resistance)

Nasdaq 100 daily chart, 200-day/price levels above as resistance

To study extra about U.S. indices, try β€œThe Distinction between Dow, Nasdaq, and S&P 500: Main Details & Alternatives.” You possibly can be a part of me each Wednesday at 10 GMT for stay evaluation on fairness indices and commodities, and for the remaining roster of stay occasions, try the webinar calendar.

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—Written by Paul Robinson, Market Analyst

You possibly can observe Paul on Twitter at @PaulRobinsonFX


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