S&P500,Nasdaq and Dow prices break key support levels on Russia-Ukraine crisis
In the below article we look at near term targets and update our trend assumptions for the S&P 500, Nasdaq100 and Dow Jones Industrial Average in lieu of the Russia-Ukraine crisis impacting markets.
The Russia-Ukraine crisis is causing havoc in global equity markets with major US benchmark indices (S&P500, Nasdaq100 and Wall Street) breaking key support levels on the news.
S&P 500 Cash Index
The S&P 500 Cash Index has now broken through key levels of support 4280 and 4220 respectively. The downside breakout suggests the broad sideways range for the index is no longer and a negative bias becomes prevalent.
4030 becomes the next downside support target from the move. The index is oversold in the near term. Should a rebound from oversold territory manifest, traders might look for short entry on a bearish price reversal provided the price does not move back above the 4280 resistance level (previously support).
Dow Jones Industrial Average (Wall Street Cash Index)
The Wall Street Cash Index has now broken below the 33280 support level. The downside breakout suggests that the broad sideways range for the index is no longer, and a negative bias becomes prevalent.
31920 and 31150 respectively become the next downside support targets from the move. The index is oversold in the near term. Should a rebound from oversold territory manifest, traders might look for short entry on a bearish price reversal provided the price does not move back above the 3380 resistance level (previously support).
Nasdaq100 (US Tech)
The Nasdaq100 Cash Index downtrend has been more pronounced than that of its peers, the S&P and Wall Street indices. The break of the 13720 level now targets 12605 as the next downside support target from the move.
The trend bias is down and traders respecting this trend might look to short a rebound from oversold territory provided that the 13720 resistance level is not broken to the upside.
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