S&P 500, Dow Jones & Nasdaq 100 Charts: Buyer Beware, Looks like Just a Bounce

SP 500/Nasdaq 100/Dow Jones Technical Highlights:

  • SP 500 rallied to trend-line, just shy of 200-day
  • Dow Jones bounced from support, another test could come soon
  • Nasdaq 100 also rallied to trend-line resistance

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

U.S. stock rally looks like another corrective bounce

The sharp rally in stocks this week doesn’t look likely to last, and in fact yesterday may have been the end of the bounce. The SP 500 finished off yesterday with a Doji candlestick at the trend-line running down off the record high.

The candle at resistance suggests upward momentum may have met its match in selling. Even if the market were to resolve a bit higher first, the 200-day is just a short ways higher and should prove challenging to maintain above. As long as price stays below the last bounce high of 2815 the market remains tilted lower.

But if the market is to make good on the Doji at resistance then we should see the market start to turn down today. On a push

Article source: https://www.dailyfx.com/forex/technical/home/analysis/spx500/2018/11/30/SP-500-Dow-Jones-Nasdaq-100-Charts-Buyer-Beware-Looks-like-Just-a-Bounce-PRtech.html