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S&P 500 and Nasdaq 100 Outlook: Check of Yearly Lows Close to

s&p-500-and-nasdaq-100-outlook:-check-of-yearly-lows-close-to

U.S. Indices Technical Outlook:

  • S&P 500 reversed yesterday however poised to check Feb/March lows
  • Nasdaq 100 weaker and appears poised to first check final month’s lows

S&P 500 and Nasdaq 100 Outlook: March Low Check Appears Close to

The S&P 500 reversed with vigor yesterday, but it surely’s only a one-day reversal inside a weak development. It seems the market is ready to check the March lows quickly or worse. This might result in a sustainable backside or solely a bounce, we might want to monitor worth motion ought to these key ranges get tagged quickly.

The primary stage to look at is at 4157, the next low that was created after the panic low set on Feb 24. That is seen as presumably setting a low for a bounce, however it’s the February 24 low at 4114 that has probably the most consideration. The Russian invasion low is clearly important.

A reversal at or from slightly below that low might set off one other highly effective bounce in any case. It might be supreme to see the VIX spike on such a transfer, indicating panic/capitulation out there. Whether or not it results in a significant low or one thing extra intermediate that fails will should be monitored ought to the lows turn out to be related.

On the top-side, right now any power from right here is considered as prone to be transient. A failure to take care of a rally is seen as possible.

S&P 500 Each day Chart

S&P 500 daily chart

S&P 500 Chart by TradingView

The Nasdaq 100 may be very near the March low, which exceeded the Feb 24 low by a small quantity. The low is 13020, and as is the case with the S&P a small flush by way of assist and reversal might set the market up properly to rally.

At the moment the overall buying and selling bias stays decrease with a bounce from right here considered as prone to fail quickly. Watch the near-term low at 13788 as a stage for the market to show decrease off of.

Nasdaq 100 Each day Chart

nasdaq 100 daily chart

Nasdaq 100 Chart by TradingView

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—Written by Paul Robinson, Market Analyst

You’ll be able to observe Paul on Twitter at  @PaulRobinsonFX

DailyFX supplies foreign exchange information and technical evaluation on the developments that affect the worldwide foreign money markets.

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