S&P 500, SPX, NASDAQ 100, NDX – TECHNICAL OUTLOOK:The S&P 500 index is approaching crucial 200-day moving average resistance.Nasdaq, a laggard compared with the S&P 500, is also beginning to flex muscles.What lies ahead and what are the key levels to watch?
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S&P 500 INDEX SHORT-TERM TECHNICAL OUTLOOK – SLIGHTLY BULLISH
In a holiday-shortened week, the S&P 500 is at a crucial crossroads, a break above which could increase the chances that the medium-term weakness in US equities is beginning to reverse.
The index is testing a ceiling on the 200-day moving average (now at about 4060). Two major attempts this year to cross above the long-term barrier have been unsuccessful. Hence, a clearance above it would solidify the case that this time is different. That is, the rebound may not just be a correction, but could unfold…