Indices Technical Forecast: Bearish
- S&P 500 beneath necessary March trend-line
- Dow Jones might be sub-30k quickly
- Nasdaq 100 main the best way decrease, 200-day MA in sight
S&P 500 Technical Forecast
The S&P 500 broke the March trend-line final week, positioning itself for extra losses. Given the dimensions of the rally within the eleven months previous the start of the present decline a broader sell-off appears warranted. This might have the 200-day or worse in play earlier than all is alleged and achieved.
The RST sample we had been taking a look at is in full-swing, with the 3694 low in focus. Beneath there lies some help round 3630, then round 3530 earlier than arriving on the rising 200, presently at 3466. If the market is to proceed in direction of the broader goal it might take a while, maybe a couple of weeks to totally play out.
S&P 500 Every day Chart (beneath march trend-line)
Dow Jones Technical Forecast
The Dow Jones is holding up the most effective of the massive 3 (however about to interrupt the March trend-line too), but when a risk-off transfer is to proceed then it received’t be spared. The primary minor stage of help to look at clocks in round 29850, then 29568 (2020 excessive), adopted by the rising 200-day at 28432. If the market can typically agency up right here quickly, given the relative power the Dow is exhibiting, it might be the most suitable choice for would-be longs.
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Check out the Quarterly EQUITIES Forecast
Dow Jones Every day Chart (might quickly lose the 30k mark)
Nasdaq 100 Technical Forecast
The Nasdaq 100 is main the broader market decrease and is positioned to proceed doing so. The top-and-shoulders sample is in full-swing, and based mostly on the peak of the sample the measured transfer goal is in alignment with the 200-day, presently at 11656. To show issues round a very good quantity of labor is required at this juncture.
Nasdaq 100 Every day Chart (eyeing 200-day MA)
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—Written by Paul Robinson, Market Analyst
You’ll be able to comply with Paul on Twitter at@PaulRobinsonFX