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S&P 500, Nasdaq 100, FTSE 100 Technical Outlook For Next Week

S&P 500, Nasdaq 100, FTSE 100 Technical Outlook For Next Week

2020-06-06 04:00:00
Justin McQueen, Analyst
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S&P 500, FTSE 100 Analysis and News

  • S&P 500 | Is the Best Behind Us?
  • Nasdaq 100 | Fresh Record High, Beware of Bearish Divergence
  • FTSE 100 | Recovery Extends

S&P 500 | Is the Best Behind Us?

The S&P 500 has broken above key resistance in the form of the 76.4% Fibonacci retracement of the Q1 crash, which in turn has opened the door to further gains. Eyes will be on the weekly close, whereby a hold above 3200 may keep topside resistance at 3260 within its site. While bullish momentum this week has shown little signs of easing, 3260 could pave the way for slight consolidation. Alongside this, given the size of the rally in equities, current levels suggest that the best may be behind us, much like the Nasdaq 100, which hit a fresh record high. On the downside, support in the S&P 500 is situated in the low 3100s.

US 500 MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 3% 2% 2%
Weekly -18% 14% 4%
What does it mean for price action?
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S&P 500 Price Chart: Daily Time Frame

S&P500 Chart

Source: IG Charts

Nasdaq 100 | Fresh Record High, Beware of Bearish Divergence

Nasdaq 100 Chart

FTSE 100 | Recovery Extends

Despite lagging its major counterparts, the FTSE 100 has gone from strength to strength after breaking above the 50% retracement of the Q1 sell-off, while also closing the early March gap. That said, the FTSE 100 looks to potentially extend its recovery toward the first hurdle at the 61.8% fib at 6579 before the 200DMA (6747).

FTSE 100 BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% -1% 0%
Weekly 17% -2% 10%
What does it mean for price action?
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FTSE 100 Price Chart: Daily Time Frame

FTSE 100 Price Chart

Source: IG Charts

How to Trade FTSE 100

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--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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