After an approximate 9% fall from its September peak, Ari Wald, Technical Analyst at Oppenheimer, says the S&P will need to rally back above last week’s gap as the first step towards recovery.
The European Telecommunications sector has confirmed a bullish reversal pattern, according to Andy Dodd, Head of Technical Research at Louis Capital Markets.
A bullish condition is pending for Aluminium, says James Dima, technical analyst at Marex Spectron.
Aggressive selling has resulted in a closing break below critical support on the Nasdaq 100, according to David Sneddon, Pascal Zingg and James Gilbert at Credit Suisse in London.
The Technology sector behaved extremely bearishly yesterday with 100% of its constituent stocks falling in price, according to Sejul Gokal, Chief Technical Strategist at GO-TechniKAL Insight.
The S&P has undergone a significant shift in sentiment but the 2500 level may provide key support, according to George Davis, Chief FIC Technical Analyst at RBC Capital Markets.
Though weak participation in the next S&P 500 rally could warn of a large market top, Ari Wald, Technical Analyst at Oppenheimer, still views the S&P 500 as one of the strongest equity markets in the world.
David Sneddon and James Gilbert at Credit Suisse in London remain bullish on the USD after the Bloomberg Dollar Index (BBDXY*) surges higher and holds neckline support from its large head-and-shoulders base.
A potential double top in US yields is forming, says Tony Sycamore, Director of Australia-based TECHFX TRADERS.
A short-term rally is imminent for the Z19/20 Brent crude calendar spread, according to James Dima, technical analyst at Marex Spectron.