S&P 500 and Nasdaq 100 Charts – Amazon, Google Earnings Weigh Today

SP 500/Nasdaq 100 Technical Highlights:

  • SP 500 and Nasdaq 100 below critical trend support
  • Yesterday looks to have just been a retest
  • Amazon and Google continue FAANG weakness

With global stocks falling sharply, see how recent events fit into our outlook for the remainder of the year in the Q4 Global Equities Forecast.

SP 500 and Nasdaq 100 below critical trend support

This week both the SP 500 and Nasdaq 100 broke the significant combination of trend-line support from 2016 and 200-day MAs. The confluence between the two is something I have been watching as a bull market line-in-the-sand. Stay above and everything is ‘ok’, break below and much bigger trouble could be in store in the short-term term and looking out further.

The SP already broke the trend-line a couple of times recently, but there was a channel extending higher from earlier in the year that still gave it some life. But with both the long-term trend-line and 2018 channel lines broken, looking lower support doesn’t arrive until around the Feb/March lows in the area of 2553/32.

Retail traders have been covering their shorts into the sell-off, see the

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