Stock market Indices technical analysis S&P500, DAX, CAC, NIKKEI, NASDAQ
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S&P500 has broken the rising trend line from Feb. 2016 also lower line from Pitchfork uptrend channel indicating that we could have an extended correction of the stock market with target and downside resistance at 2068. Index is testing 2130-2160 zone for upside break but it is below broken uptrend channel line so downside is still valid. We are bearish SL should be above 2150 level.
We got a break of 10756 flag upside border but without follow through and we are short against 10800 level looking for a retest of 10250 at least. We had a retest of 10250-10380 zone and small bounce is possible here. We are in the middle of the range 10250-10700 and waiting for a price action signals.
CAC 40 is positioned to the upside but as it can be seen on a chart we need a break above 4600 for upside momentum to gain traction. Taking this range into consideration we are standing aside until we have a break or a pull back. We have a pull back to a range floor again and now we have to wait for price action development here.
Nikkei is approaching 1750 level of a definite break point to the upside. SL on longs should be below 1670. Buying on a clear break of 1752 or waiting for a retrace to 1700 and trying to catch the short trade before the long. We have a retrace to 1700 and now we are waiting for a price action development. Nice gap up from 1700 but still below important 1750 level.
The Index now has to overcome 4840 level for the upside to continue. Strong support is 4650. Rejected from 4840 level again and we could see a stronger downside correction with a break point at 4650. Waiting for a reaction from 4650-4700 zone. Bouncing from this strong support zone but is still in a range between 4650-4780. Standing aside.
We expect to see another leg of USD weakness in the following days regarding to our view that FED will stay aside from interest rate hike before presidental elections. So we think that both November and December possibilities of an interest rate hike will be off table until we have a new economic policy from Government officials in US. This could affect commodities market too as well as other financial instruments.
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