Technical Outlook: S&P 500, DAX
Equity Analysis and News
- S&P 500 | Topside Resistance Holds for Now
- DAX | Eyes on Further Upside Ahead of 12000
S&P 500 | Topside Resistance Holds for Now
A relatively uninspiring week for the S&P 500, holding a tight range. Topside resistance at 2800 continues to hold for now as the S&P 500 fails to consolidate above, which in turn suggests that the move to the upside is somewhat exhausted. Near-term support for the index is situated at 2730-40.
S&P 500 Price Chart: Daily Time Frame (Jun 2018 – Mar 2019)
DAX | Eyes on Further Upside Ahead of 12000
Strong gains for the DAX across the week, rising over 1.2% having made a break through the 38.2% Fibonacci retracement and descending trendline. Focus now turn towards the 50% Fibo, in which a closing break could see the index move towards the psychological 12000 level.
Looking for a fundamental perspective on equity? Check out the Weekly Equity Fundamental Forecast.
DAX Price Chart: Daily Time Frame (Nov 2017 – Mar 2019)
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--- Written by Justin McQueen, Market Analyst
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