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US Nasdaq and S&P end week in a technical tug of war
Both indices closed the week around 0.45% higher, with the S&P relatively stronger after extending its August rally to fresh all time highs.
US equities finished the week with the Nasdaq and S&P 500 settling nearly in lockstep, both up about 0.45% on the day, as traders looked ahead to next week’s technical signals. Forexlive said the charts are ending the week positioned between key shorter term moving averages, below the 100 hour moving averages on the upside, but above the 200 hour moving averages on the downside.
The 100 and 200 hour moving averages are expected to act as “barometers” for the next move. As long as the indices remain between those levels, the technical bias is described as neutral, while a break below the 200 hour line would tilt sentiment more bearish and a move above the 100 hour line would shift it more bullish.
Forexlive also pointed to relative strength between the two indexes, noting that the S&P’s August rally has pushed it to fresh all time highs. By contrast, the Nasdaq is still below its early June record high, highlighting more recent Nasdaq underperformance.
The outlook for next week centers on whether price holds within the moving average range or breaks out of it, which would define the direction traders focus on. Forexlive added that the week’s momentum also carried into crypto linked equities, with Bitcoin posting a gain of more than 23% since earlier March, helping lift Coinbase shares up 25.61% and Strategy shares up 28.17%.
Latest closeBitcoin $78,068.37 ▲6.9%|S&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%