Technical index prediction: Bearish
- S&P 500 below the important March trend line
- Dow Jones may be below 30,000 soon
- Nasdaq 100 leading the fall, 200 day cash MA
Technical Forecast S&P 500
THE S&P 500 broke the March trend line last week, positioning itself for further losses. Given the size of the rise in the eleven months prior to the start of the current decline, a broader settlement appears justified. This could have 200 days or worse at stake before everything is said and done.
The RST standard we saw is in full swing, with the 3694 in low focus. Below that is some support at around 3630, then around 3530 before hitting 200 high, currently at 3466. If the market continues towards the broader target, it may take some time, perhaps a few weeks to fully develop. .
S&P 500 Daily Chart (below the March trend line)
Tradingview S&P 500 chart
Dow Jones Technical Forecast
THE Dow Jones is holding the best of the big 3 (but about to break the March trend line too), but if a move away from risk should continue, then it will not be spared. The first lower level of support for clocks around 29850, then 29568 (2020 maximum), followed by the 200-day increase in 28432. If the market can generally establish itself here soon, given the relative strength that the Dow is showing , may be the best option for those looking to buy.
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Dow Jones Daily Chart (you may soon miss the 30,000 mark)
Dow Jones Chart by Tradingview
Technical preview of the Nasdaq 100
THE Nasdaq 100 is leading the broader market and is positioned to continue to do so. The head and shoulders pattern is in full swing and, based on the height of the pattern, the measured movement target is in line with the 200 days, currently in 11656. To change things, a good amount of work is needed in this environment.
Nasdaq 100 Daily Chart (eyeing the 200-day MA)
Tradingview Nasdaq 100 Chart
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— Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at@PaulRobinsonFX