The US index has been declining for three weeks. What's ahead?

4 באוג׳

S&P 500

• After the Cup & Handle pattern breakout, the market surged to nearly 5,670, setting a new record high.
  
• Since then, the index has been on a downward trend for the last three weeks, forming the Three Black Crows chart pattern, signaling a bearish outlook.
  
• With the current market conditions, it is expected that potential support will be around the 4,400-4,500 level.
  

Nasdaq 100

• The US tech index has experienced a significant increase in momentum and achieved a respectable gain over the last 8-9 months.
  
• However, the index encountered a strong resistance near the 20,700 level, which is its all-time high.
  
• With three consecutive weeks of decline, the index appears to be in a weakened state and may revisit the 15,500-15,600 level for support before rebounding.
  

11 באוג׳

הערה

S&P 500
Following a notable drop of nearly 150 points, the index has demonstrated a rebound, closing above last week's low. We anticipate that this upward trend will persist into the coming week.

The immediate resistance is positioned around the 5,650 to 5,670 range. A bullish momentum is likely to emerge once this level is surpassed.



Nasdaq 100
Similar to the S&P 500, the Nasdaq 100 experienced a significant drop of nearly 1000 points but managed to bounce back, closed above last week's levels. We expect this positive momentum to continue into the next week.

The key resistance lies between 20,600 and 20,670. A successful breach of this level could lead to a significant upward movement in the index