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Technical Update For US Equity Indices: 26.10.2018

Anil Panchal
Technical Update For US Equity Indices: 26.10.2018

Dow Jones Industrial Average [DJI30]

Having dropped below 200-day SMA, the Dow Jones Industrial Average Index is likely finding it hard to extend south-run as seven-month old ascending trend-line, at 24530, together with oversold RSI, challenges the Bears. In case the gauge closes below 24530, the 24300 and the 24000 are likely levels that can appear on the chart. Moreover, increased selling pressure beneath 24000 might not hesitate dragging the quote to 23800 mark. Alternatively, 24900 and 25140-50 resistance-confluence, comprising 200-day SMA & short-term descending TL, could limit the immediate upside of leading American equity index. Should optimists manage to conquer the 25150 on a D1 closing, the 100-day SMA level of 25490 and the 25780-25800 region may question the strength of momentum.


S&P 500 [SP500]

Alike DJI30, the S&P500 is also taking rest on a medium-term support-line, near 2650, with oversold RSI signaling brighter chances of its pullback to 2685 but downward slanting trend-line, at 2750, adjacent to 200-day SMA level of 2770, can keep restricting the index advances. Given the index surpasses 2770, the 2800 and the 100-day SMA level of 2825 might please the Bulls. Meanwhile, a daily closing beneath the 2650 can highlight the importance of 2610 and the 2600 supports before pushing prices to 2555 horizontal-line. Assuming extended downturn past-2555, the index seem vulnerable to plunge towards 2500 round-figure.

Nasdaq [NQ100]

NQ100 is different from aforementioned two equity gauges as it has ticked below eight-month long upward slanting support-line; however, it has to close under the 6770 mark in order to register further weakness in direction to the 6635 & the 6570 supports. If at all the market fears keep pushing investors off the equity and post a daily close below 6570, the 6460 & the 6400 could become pessimists favorites. On the upside, the 6890, the 6980 and the 200-day SMA level of 7075 can act as nearby resistances for the index ahead of fueling it to 7110 resistance-line. In case the index cross 7110 barrier, the 7180, the 7260 & 100-day SMA level of 7350 could appear on the buyers’ radar to target.

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