S&P 500, Nasdaq & Dow Technical Price Trends: Weekly Trade Levels
- S&P 500Nasdaq & Dow Technical Trade Levels Update – Weekly Charts
- SPX500 Responding to the main support at 3812-resistance 4139/96, 4323.
- Nasdaq rebounds from key support at 11520/768-resistance 12668, 13506.
- The Dow has reversed from key support at 30812-resistance 32944.
The stock fell off a seven-week support, with all three major stock indices rebounding sharply on key technical support. The rally shifted the short-term focus to a broader recovery during a broader downtrend. And we’re looking at high levels of exhaustion next week. These are targets and voids. Key levels in the S&P 500 (SPX500), Nasdaq (NDX) and Dow Jones Industrial Average (US30) weekly technical charts heading into the close of the month. review my latest Strategy webinars For in-depth details of These technical stock settings and m .mineral.
S&P 500 Price Chart – SPX500 Weekly
Chart provided by Michael Boutrostechnical strategist; SPX500 on Tradingview
Technical trends:in my last S&P500 weekly technical trends We note that the SPX500 is “ready to mark its seventh straight week of decline, with prices now defying converging downtrends. support– Risk for a bear market bounce here.” Index rebounded from 38.2%. Fibonacci The return of the 2019 rally at 3812 (low of 3810) closed last week with a subsequent rebound, now up more than 6.7% from its low.
The threat persists for further recovery here with the weekly start. rexistance Looking at June’s lows/38.2% retracement of that annual decline. 4139/96 Backed by a reversal of 61.8% of the March sell-off. 4323 – Both levels of attention for possible top exhaustion IF to wider bearish The invalidation is now set to a 52-week moving average / 61.8% retracement of that annual range. 4428/34 – A top breach/close is required to indicate that a more significant low was registered last week. weekly start Ssupport Now with that low week closing. 3906 sponsored by 3812 and the year 2021 opens at 3434 – Look for more reactions on prices with IF to
Bottom line: The recovery from the downtrend continues to focus on this short-term recovery. from a trading standpoint Look for a longer exposure reduction/add a protective stop on the 4139-96 pivot axis – the rally should cap at 4323 if the price continues to fall in this range. my latest check S&P 500 near term techniquel Outlook To take a closer look at the short term SPX500 technical trade levels.
S&P 500 Price Chart – SPX500 Weekly
- summary of IG customer sentiment Shows traders net buy S&P 500- the ratio is +1.87 (65.11% of long traders) – generally a bearishreading
- long position isIt was 2.69% lower than yesterday and 8.12% lower than last week.
- short position is Up 5.81% from yesterday and up 13.52% from last week.
- in general We will take the opposite view of the confidence of the crowd. And the fact that traders have a net long position indicates that the $500 price may continue to decline, but traders have less net-long than yesterday and compared to last week. Recent changes in feeling It warns that the current US 500 price trend might soon reverse higher even if traders remain open to the net.
Nasdaq 100 Price Chart – NDX Weekly
Chart provided by Michael Boutrostechnical strategist; NDX on Tradingview
note:Last week we noted that “The seven-week drop led the Nasdaq to a key technical confluence at 11520/768– Region defined by 100% extension of the yearly decline and the 50% reversal of the 2020 futures. Look for possible price fluctuations here with the weekly hold/close below required to Let the immediate reduction be possible to reverse 61.8% at 10589The index registered low at 11492 before rebounding, focusing on the current bear market recovery.
Initial resistance stabilized at the close of the week low in 2021 (12668) backed by a 38.2% recovery of the late 2021 decline at 13506 and a major reversal of 61.8% of the decline in March. 13824– Both zones of interest for possible top exhaustion IF to
Bottom line: The rebound from bearish support in the Nasdaq risks a recovery from bearish resistance. from a trading standpoint Look to reduce the long exposure / increase the stop protection on the top parallel.
Dow Jones Industrial Average Price Chart – US30 Weekly
Chart provided by Michael Boutrostechnical strategist; US30 on Tradingview
note: the The focus last week will be “Look for a reaction to the decline in the support line. 30812 for advice here.” The short index registered a short period during the week. 30635 It rebounded sharply with a gain of more than 6.7% from the bottom. Weekly resistance started at the weekly close of March low at 32944 sponsored by 33637-34006– Area of interest for possible top exhaustion IF to wider bearish Invalidation is now reduced to 34539.
Bottom line: uncle Bounce back from the confluence of support at 100% extension, focusing on this short-term recovery. from a trading standpoint Instead, look to reduce long exposure / increase defensive stops on the top parallel – look for reactions there as a guide. Breaking lows might threaten 2021 test lows / 38.2% recovery around ~29794.
For complete details of Michael’s trading strategy please review his . Fundamentals of the Technical Analysis Series on BI am using a Duguess Splot
Use weekly technical settings.
– Written by Michael BoutrosStrategy Expert with DailyFX
follow Michaelon twitter @MBForex
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