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S&P 500 & DAX Technical Forecast

S&P 500 & DAX Technical Forecast

2019-09-21 10:00:00
Justin McQueen, Analyst
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S&P 500, DAX Analysis and News

  • S&P 500 | Record High in Sight
  • DAX | Another Test of Key Trendline
  • ASX 200 | RBA Governor Lowe Signal in Focus
Global Indices Performance Table

Source: Thomson Reuters, DailyFX

S&P 500 | Record High in Sight

The hawkish take from the Federal Reserve relative market expectations saw a short-lived dip in the S&P 500, signaling that bulls remain in control. The psychological 3000 level remains pivotal for the index, in which consolidation above could see the index test the peak at 3028. That said, as evidenced this week, the S&P 500 remains well-supported on dips from 2870, which coincides with the 76.4% Fibonacci retracement of the July-August drop. For now, the record high remains in sight.

S&P Price Chart: Daily Time Frame (Jun 2019 – Sep 2019)

S&P 500 Daily Price Chart

DAX | Another Test of Key Trendline

Further gains in the DAX have once again stalled with the index testing the descending trendline from the 2019 peak. Consequently, eyes are firmly fixed for a breach of the trendline, which in turn could open-up the doors for a move towards 12700. Dips in the index have been well-support from the 61.8% Fibonacci level situated at 12300 and with risk sentiment improving, the bullish momentum well continue.

DAX Price Chart: Daily Timeframe (Oct 17 – Sep 19)

DAX Daily Price Chart

ASX 200 | RBA Governor Lowe Signal in Focus

Bullish momentum continues for the ASX 200, which records a 4th consecutive weekly gain. Subsequently, the index is now testing the 6760-70 resistance zone, which has curbed futures upside for now. Eyes will be on RBA Governor Lowe, which may be key in breaking topside resistance for a test of 6800. On the downside, initial support is situated at 6710 (prior weeks double top) before the 61.8% Fibonacci retracement at 6685. That said, with the October rate decision now seen as a live meeting for another 25bps rate cut, a confirmation from Governor Lowe could see risks remain tilted to the upside.

ASX Price Chart: Daily Time Frame (Jun 19 – Sep 19)

ASX Daily Price Chart

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--- Written by Justin McQueen, Market Analyst

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