SPX500 Technical Analysis
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SPX500 Technical Analysis
The DAX is benefitting from the pullback in yields, as a risk-on sentiment tries to take hold. To this end, FXCM’s GER30 is showing signs of positivity.
In a previous article we suggested that the NAS100 had a downtrend bias to it. Price action has evolved to a point where it seems that a descending triangle (green trendlines) has charted on the weekly time frame. Assuming this to be the case, a breakout or breakdown from the pattern will have bullish or bearish implications.
The flare up in Middle East violence sparked risk-off mood, but SPX500 overcomes it, with the help of dovish Fed commentary, as markets now turn to the new earnings season and the inflation update
HKG33 falls to the lowest levels in nearly a year on fresh concerns around China’s troubled real estate market, as the Golden Week approaches
Similar to yesterday’s article, the NAS100 is also showing worrying signs of technical weakness. Like the SPX500, the NAS100 has charted a lower peak followed by a lower trough. This puts the growth index into a defined downtrend. Its weekly RSI has also dipped below 50, which is on the bearish side of the indicator. If it maintains below 50 for an extended period, the NAS100 will be under pressure.
As we head towards the conclusion of Q3 at the end of the month, the SPX500 has flashed a serious warning sign. The index has charted a lower peak followed by a lower trough on the weekly times frame. This is a defined downtrend.
The tech heavy index runs a negative week and month, as the Fed pointed to tighter policy path ahead than previously thought, counter-weighing the AI optimism which has subsided
Weakness is starting to seep into the NAS100, with the index charting a lower peak.
The Bank of England got some encouraging news ahead of Thursday’s decision, as inflation eased in August according to today’s data and the UK index reacted higher
The tech-heavy index treads water as Arm slides after its strong IPO and market participants turn their attention to Wednesday’s policy decision by the Fed
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