NASDAQ - 2000 key resistance proved too tough to clear
Further correction likely: The continued failure to stay above the key 2000 resistance level could see the index heading lower still in the coming week.
Indicators showing bearish signals:With the RSI on the verge of falling out from the overbought level and the MACD initiating a bearish crossover last week, they also suggest that the downside momentum is building up.
S&P500 - Hovering at key 1000 level
Hovering at 1000 key level: The index is currently hovering at the 1000 key level and it could still break either way.
Technical indicators favor correction:But with both the RSI and MACD indicators looking to head lower, the risk is to the downside.
Dow Jones Industrial Average (DJIA) - Tone has turned bearish
A tall order to reach for the 9652 resistance:After maintaining above the 9000 key support successfully, the index may struggle to reach the next resistance at 9652.
Technical readings point bearish divergence:This as the RSI has shown a bearish divergence to the price over the last 3 weeks and the MACD indicator are showing signs of a bearish reversal, both suggesting that the tone is starting to turn bearish for the index.
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