At a Potential Tipping Point

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Indices Technical Forecast: Neutral to Bearish

  • S&P 500 turning decrease might sign prime of corrective rally
  • Nasdaq 100 discovering problem across the 200-day MA
  • Dow Jones holding up a bit of higher than different indices, for now

S&P 500 Technical Forecast

The S&P 500 is weakening from the Feb 2 excessive and it’s this value motion that’s serving to create a ceiling round 4595 that will show to be the tip of the bounce. The rally is seen as solely a bounce, or corrective rally given the context of a market that appears like it might be in for one more main leg decrease within the weeks forward.

A break beneath the 4451 stage is seen as being vital for accelerating the flip decrease. This stage marks each the Feb low and the 200-day shifting common. The two technical thresholds are creating a powerful stage of confluent assist.

If we see a breakdown beneath assist the potential for a maturing H&S sample involves the forefront with the proper shoulder taking form. It will nonetheless take a break of the neckline to completely set off the sample. For now, utilizing each famous short-term ranges as factors of curiosity to doubtlessly take motion.

S&P 500 Daily Chart

S&P 500 Chart by TradingView

Nasdaq 100 Technical Forecast

TheNasdaq 100 is rolling over from what might make up the proper shoulder of a head-and-shoulders sample. This is all coming after a decline out of the bull channel relationship to September 2020. It should take a while, however so long as within the near-term the NDX stays beneath the 200-day at 15055 and Feb 2 excessive at 15196, the outlook is impartial to unfavourable.

Nasdaq 100 Daily Chart

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Nasdaq 100 Chart by TradingView

Dow Jones Technical Forecast

The Dow Jones continues to fare higher than the SPX and NDX, but when we see a full-on risk-off occasion unfold quickly, then the Dow will endure large losses as properly. For now, the near-term top-side stage to look at is 35824 and near-term assist is at 34799.

Dow Jones Daily Chart

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Dow Jones Chart by TradingView

Resources for Forex Traders

Whether you’re a new or skilled dealer, we now have a number of assets accessible that can assist you; indicator for monitoring dealer sentiment, quarterly buying and selling forecasts, analytical and academic webinars held every day, buying and selling guides that can assist you enhance buying and selling efficiency, and one particularly for individuals who are new to foreign exchange.

—Written by Paul Robinson, Market Analyst

You can comply with Paul on Twitter at@PaulRobinsonFX

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