The S&P 500 and Nasdaq 100 face mixed outlooks since there is a case for a broader bullish bias and a near-term bearish outlook. What are key levels to watch ahead?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.The Federal Reserve System was founded in 1913 by the United States Congress. The Fed’s actions and policies have a majo...The S&P 500 completed a second weekly gain, finishing almost 0.
All you have to do is look at the rising range of support from October 2022 to see why. This zone has been maintaining the dominant upside focus. Another key support zone is the 4235 – 4277 range established in September. That said, there is an argument for a near-term bearish bias considering losses since July. Key resistance is 4430.5. Clearing higher exposes the September peak of 4566.
The Nasdaq 100 faces a similar situation as the S&P 500. Losses later in the week meant that the tech-heavy index finished little changed. That said, the broader bullish bias is being upheld by a rising range of support from the beginning of this year. Coupled with the 14589 – 14853 support zone, the Nasdaq may find it difficult to breach meaningfully lower.
At the same time, losses since July have been offering a short-term bearish technical bias. A falling trendline from then is also holding as resistance, maintaining the downside focus. Clearing lower exposes the June low of 14251 before the 13740 inflection zone kicks in. On the other hand, reversing higher may open the door to revisiting the July peak.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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