Jump to content

S&P 500 and Nasdaq 100 Outlook: Test of Yearly Lows Near


Recommended Posts

U.S. INDICES TECHNICAL OUTLOOK:

  • S&P 500 reversed yesterday but poised to test Feb/March lows
  • Nasdaq 100 weaker and looks poised to first test last month’s lows

S&P 500 and Nasdaq 100 Outlook: Test of Yearly Lows Near

S&P 500 AND NASDAQ 100 OUTLOOK: MARCH LOW TEST LOOKS NEAR

The S&P 500 reversed with vigor yesterday, but it’s just a one-day reversal within a weak trend. It appears the market is set to test the March lows soon or worse. This could lead to a sustainable bottom or only a bounce, we will need to monitor price action should those key levels get tagged soon.

The first level to watch is at 4157, a higher low that was created after the panic low set on Feb 24. This is seen as possibly setting a low for a bounce, but it is the February 24 low at 4114 that has the most attention. The Russian invasion low is obviously significant.

A reversal at or from just under that low could set off another powerful bounce at the least. It would be ideal to see the VIX spike on such a move, indicating panic/capitulation in the market. Whether it leads to a major low or something more intermediate that fails will need to be monitored should the lows become relevant.

On the top-side, at this time any strength from here is viewed as likely to be transient. A failure to maintain a rally is seen as probable.

 

S&P 500 DAILY CHART

S&P 500 daily chart

S&P 500 Chart by TradingView

The Nasdaq 100 is very close to the March low, which exceeded the Feb 24 low by a small amount. The low is 13020, and as is the case with the S&P a small flush through support and reversal could set the market up nicely to rally.

At this time the general trading bias remains lower with a bounce from here viewed as likely to fail soon. Watch the near-term low at 13788 as a level for the market to turn lower off of.

NASDAQ 100 DAILY CHART

nasdaq 100 daily chart

Nasdaq 100 Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst. DailyFX  | 26th April 2022

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Dopamine emerges as a beacon of innovation in the world of cryptocurrency management, offering a non-custodial, secure, and anonymous mobile app wallet. With over two million downloads and a robust user base, Dopamine is reshaping the landscape of decentralized finance (DeFi) on both Android and iOS platforms. Let's delve into the features and functionalities that make Dopamine a must-have tool for navigating the cryptocurrency market. Key Features: 1. Comprehensive Portfolio Tracking: Dopamine's native token, $DOPE, empowers users to monitor their favorite projects from a vast collection of over 10,000 coins, ensuring informed decision-making in the dynamic crypto market. 2. Enhanced Security Measures: With built-in Anti-Money Laundering services, Dopamine enables users to safeguard their assets by identifying potential fraud and assessing risk scores associated with their wallets. 3. Real-Time Market Insights: Stay ahead of the curve with Dopamine's ability to track market trends and identify coins making significant moves, ensuring users remain informed and proactive in their investment strategies. 4. Cross-Chain NFT Transactions: Seamlessly send and receive NFTs across various blockchains, including Ethereum, BSC, Fusion, and more, providing users with unparalleled flexibility and interoperability. 5. Efficient Information Management: Dopamine simplifies data management by allowing users to save essential information and access it instantly, streamlining their crypto journey with convenience and ease. 6. Convenient Fiat On-Ramp: Facilitating seamless transactions, Dopamine enables users to buy crypto directly from their credit or debit card within the app, eliminating the need for multiple platforms and intermediaries. 7. DeFi Gaming Integration: Dive into the exciting world of decentralized finance gaming with Dopamine, offering users access to a diverse range of DeFi games directly from the app, adding a touch of entertainment to their crypto experience. With its innovative features, commitment to user empowerment and upcoming listing on Bitget exchange, Dopamine stands as a revolutionary platform that caters to the diverse needs of cryptocurrency enthusiasts. As the cryptocurrency market continues to evolve, It remains at the forefront, providing users with a secure, versatile, and intuitive solution for managing their digital assets and exploring new horizons in decentralized finance.
    • Name of stock: Adventus Mining Name of Stock Exchange: TSX Leverage or Share dealing: Share dealing Ticker: ADZN Country of stock: Canada
×
×
  • Create New...
us