S&P 500 Index

S&P 500 e-mini futures started to recover from dips near 3,900 as RSI momentum pushed a premature upside rejection at 3,830. Since the RSI remains in overbought territory near 4,100, some profit-taking might put a dent in the rally and instead offer a pullback towards 4,000. If the psychological floor holds, we might see 4,200 during the week. Otherwise, the index might drift back towards 3,900, shifting price action sideways.

Nasdaq 100

Nasdaq bulls defended the 12,000 base and broke through all targets identified last week. Demand rose enough to accelerate prices to 12,700, with bullish bias likely to wane around 12,820 if easing momentum prompts sellers. Failing to hold the stronghold could extend the rally towards 13,000, and even 13,200. Inversely, 12,350 would offer late bulls an opportunity to join the trend, unless interest in maintaining the trajectory subdues towards 12,000.

Dow Jones Industrial Average

DJIA traders shorted the index to 31,000 to seek liquidity early in the week, and recaptured 31,650 and 32,000 hastily, which are now supports. Adequate efforts to cross past 32,350 might manifest into a retest of 32,770, where at least some profit-taking can be expected. If interest for profit-taking dwindles, the round 33,000 is key resistance above, where RSI momentum could pave the way for a pullback.

Russel 2000 Index

Russel 2000 futures recuperated some losses after attracting more interest above 1,845, with the 1,900 handle now a cautious resistance below 2,000. Decreasing demand before the short-term target could reverse prices back to 1,845, opening the door to 1,800 and the swing low of 1,775. As RSI trades in an overbought zone, a short-term local top is within reach, whether it offers a lower base to re-accumulate or re-distribute.

Eurodollar

The EUR/USD pair inched above parity as bulls attempt to recapture 1.0200 in a bid to safeguard the psychological support. A surge higher could attract short-term buyers and lift the exchange rate to the next stronghold of 1,0360. Stalling at the immediate resistance due to the RSI overbought condition could see the rally wane towards 1,0100 and retest the support. Increased bearish bets could consolidate losses down to parity.

Crude

Oil futures lost the range low at 86,00 and failed to draw more buyers until prices extended losses to 81,00, shy off the 82,00 target uncovered last week. Demand for a bounce towards 90,00 has not been sufficient, with all efforts pulling off a rebound to 87,00. If 84,00 is revisited and prevails against bears, a rally toward 90,00 and perhaps 95,00 if momentum rises, could be seen. Otherwise, 80,00 would be where strong interest to buy may appear, unless bulls flake out until 85,00.

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Posted 
Sep 12, 2022
 in 
Technical Research Briefing
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