Indices Technical Forecast: Impartial
- S&P 500 coming off document highs, seeking to development help
- Dow Jones holding up the most effective of the three massive indices
- Nasdaq 100 seeking to take a look at bull market channel
S&P 500 Technical Forecast
The S&P 500 is weakening from the document highs, and on that development help from October 2020 is coming into focus. It held effectively final month, we’ll see if it may once more. For now, giving development and help the good thing about the doubt.
From a tactical standpoint, a reversal off help may pave the best way for longs to work again in the direction of a brand new document excessive. If, nevertheless, we see help fail to usher in shopping for, then a breakdown may have the market on its heels in a bigger corrective sample, presumably worse.
S&P 500 Each day Chart
Dow Jones Technical Forecast
The Dow Jones is faring higher than the S&P and Nasdaq, so this bodes effectively for the top-side so long as this may stay the case. Keep watch over how the broader SPX handles help, assuming it tags it within the days forward. Continued relative energy may make the Dow a extra enticing lengthy if renewed inventory market energy is to change into a theme once more quickly.
Dow Jones Each day Chart
Nasdaq 100 Technical Forecast
The Nasdaq 100 is lagging behind fairly a bit and is of concern for the broader market given its basic management standing. But it surely might be rotation out of upper beta new faculty names into old skool names that reverses course. The NDX is testing horizontal help right here across the 15550/650 space. Extra importantly, although, we have to watch the decrease channel line from September 2020. Holding onto the upward channel construction can be essential if we’re to see this latest bout of weak point develop into nothing greater than a correction. A breakdown out of the channel may pave the best way for a bigger development reversal.
Nasdaq 100 Each day Chart
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—Written by Paul Robinson, Market Analyst
You possibly can comply with Paul on Twitter at@PaulRobinsonFX