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US Indices Key Level Update

EQUITY TECHS

US equity indices remain vulnerable as the current bear cycle extends.

  • The moving average study - the 20-day and 50-day EMA set-up - is in a bear mode condition and this clearly highlights current market sentiment.
  • The break below the February and March lows highlights a broad bearish price sequence of lower lows and lower highs that clearly defines a downtrend.
  • Momentum is also in a bearish position and is pointing south, suggesting a continuation of the current trend is likely.
  • Key support levels to watch in the S&P 500 are:
    • 3815.20 - 38.2% retracement of the Mar ‘20 - Jan ‘22 bull leg
    • 3664.41 - 1.382 projection of the Jan 4 - Feb 24 - Mar 29 price swing
  • The next key supports in the DJIA lie at:
    • 31201.66 - A weekly bear channel base drawn from the January high
    • 29794.35 - 38.2% of the Mar ‘20 - Jan ‘22 uptrend
  • The Nasdaq has retraced 31% from last year's November high. Levels to watch are:
    • 10990.02 - 1.00 projection of the Nov 22 ‘21 - Mar 14 - Mar 29 price swing
    • 10291.29 - 61.8% retracement of the 2020 - 2021 bull cycle

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