The broader S&P and Nasdaq indices are mixed in intraday trading, with the S&P currently up around 0.07% while the Nasdaq is down -0.08%.
For the S&P index, the technical picture remains bullish as the index trades near its all-time high of 7793.68, reached during last week’s trading. A break above that level would put the focus on an upward-sloping trendline connecting recent highs on the hourly chart. That trendline currently comes in near 7850.00 and is moving higher.
Recall that last Tuesday, the S&P broke above its previous record high at 7617.37, while also moving away from a key swing area between 7577.92 and 7617.37. That area now represents an important downside risk zone. It would take a move back below that area — and staying below — to give sellers greater control. Absent that, the buyers remain firmly in the driver’s seat, with the record high and the topside trendline the next targets.
For the Nasdaq index, the technical picture is somewhat less bullish. The index remains below its all-time high of 27190.21, reached in early June. That remains the longer-term upside target, but there is work to do before getting there.
Closer resistance comes from a swing area between 26605.36 and 26788.62, with the upper end representing last week’s high. The Nasdaq is currently trading below the lower boundary at 26605.36, giving sellers some short-term control. Staying below that level keeps the door open for additional downside probing. Conversely, a move back above 26605.36, followed by a break of 26788.62, would shift the technical bias back more firmly toward the buyers and put the all-time high back in play.
In the video above I take a look at the key technical levels in play for each of the broader indices.
This article was written by Greg Michalowski at investinglive.com.
