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.
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.
The recent completion of a head-and-shoulders pattern on the DAX gives a medium- to long-term target of 9790, according to Andy Dodd, Head of Technical Research at Louis Capital Markets.
Ari Wald, Technical Analyst at Oppenheimer, thinks investor anxiety in October will be replaced with the realization that it’s still too early for recessionary concerns.
A bullish continuation pattern has completed for US Food & Staples Retailing, according to David Sneddon and James Gilbert at Credit Suisse in London.
Providing the S&P 500 does not close below 2590 there is a good chance of a rally back towards 2770 in the week ahead, says Tony Sycamore, Director of Australia-based TECHFX TRADERS.