Equity Analysis and News
S&P 500 | Topside Resistance Situated at 2800
After a strong week of gains, in which the S&P 500 rose over 2% on the week, the index is now eyeing key topside resistance at 2800. Previous attempts to make a firm break had been rejected. As such, there is a risk of a potential pullback. However, a closing break above leaves scope for a test of 2900. Near term support is situated at 2730-40.
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S&P 500 Price Chart: Daily Time Frame (Aug 2018 – Feb 2019)
DAX | Bounces Off Rising Trendline
The DAX has seen somewhat of a corrective bounce from the rising trendline, which in turn brings the 2019 highs in focus (11390). However, provided that the DAX holds below 11500, the index continues to remain in the broader downtrend from the 2018 peak. Price action has been relatively neutral with the DAX ranging from 11000-11300 over the past two weeks. Given the risks of US auto tariffs on the EU risks a tilted for a potential a break of the range to the downside, which in turn exposes a move towards 10800.
DAX Price Chart: Daily Time Frame (Aug 2018 – Feb 2019)
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--- Written by Justin McQueen, Market Analyst
To contact Justin, email him at Justin.mcqueen@ig.com
Follow Justin on Twitter @JMcQueenFX
Other Weekly Technical Forecast:
Australian Dollar Forecast – AUD/USD Eyes Resistance, AUD/NZD Resumes Fall, GBP/AUD May Bounce
Oil Forecast – The 2019 Crude Bull Market Has Arrived
British Pound Forecast – GBPUSD & EURGBP
US Dollar Forecast – Dollar Within Reach of Two-Year High but Reversal Pressure High
Gold Forecast – Gold Prices Stopped Short of Resuming Dominant Uptrend, Watch RSI
Euro Forecast – Euro Flirting with Support Break
Equity Forecast – Technical Outlook: S&P 500, DAX
