Be prepared for new sharp falls for the S&P500 and the Nasdaq.
The technical picture for the S&P500 and the Nasdaq Composite does not look good, and it looks like the S&P500 is heading back into its previous rising trend (cf. chart here) and that there could be a further correction down to around 4,700 points.
The S&P500 is now testing technical resistance around the 5,350 level, and looks set to fall back now from that level. It is a bad sign for the further development in the days and weeks to come.
It is difficult to see that this will not go further down and down towards the 4,700 level for the S&P500, and preferably down towards the 14,000 level for the Nasdaq Composite.
At least that is what the technical picture now indicates for the S&P500 and Nasdaq Composite.
The oil price (Brent Spot) seems to be able to break down from a very large head and shoulder formation soon, and that could cause a sharp fall from today around USD 78.00 to preferably down towards USD 40.00 - 50.00.
It is about fear of recession, and as you know, everything is connected. If there is a recession now, and fundamental key figures come in that confirm that the US and other countries are entering a recession, then both the stock markets and oil prices will fall sharply from current levels.
I would be very cautious for a while here, and as I interpret the technical picture for both the S&P500, the Nasdaq Composite and the oil price. It doesn't look good technically here now.
The S&P500 is now testing technical resistance around the 5,350 level, and looks set to fall back now from that level. It is a bad sign for the further development in the days and weeks to come.
It is difficult to see that this will not go further down and down towards the 4,700 level for the S&P500, and preferably down towards the 14,000 level for the Nasdaq Composite.
At least that is what the technical picture now indicates for the S&P500 and Nasdaq Composite.
The oil price (Brent Spot) seems to be able to break down from a very large head and shoulder formation soon, and that could cause a sharp fall from today around USD 78.00 to preferably down towards USD 40.00 - 50.00.
It is about fear of recession, and as you know, everything is connected. If there is a recession now, and fundamental key figures come in that confirm that the US and other countries are entering a recession, then both the stock markets and oil prices will fall sharply from current levels.
I would be very cautious for a while here, and as I interpret the technical picture for both the S&P500, the Nasdaq Composite and the oil price. It doesn't look good technically here now.
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