Summary
- S&P 500 (SPX): Bears in control. The trend reversal we highlighted last week has played out, with the index continuing its downward trajectory following a brief oversold bounce. TD 2 of 13 now targets 5,479 and 5,175. Sell.
- NASDAQ Composite (CCMP): Bears remain dominant. The index has followed the path outlined in our March 6 analysis, confirming a break below the 200-day moving average. This has opened downside targets at 16,807 and 15,873. Sell.
- Dow Jones Industrial Average (INDU): The TD Sequential 8 of 9 is nearing completion, reinforcing the bearish setup. A breach of the 200-day moving average confirms a sustained downtrend. Expect additional downside to 40,029 and 37,804. Sell any rallies post-Thursday.
- DAX (German Stock Index): Unlike US indices, the DAX remains in a confirmed uptrend. Strong buying interest continues, with targets set at 23,101 and 23,419. Hold.
- EURO STOXX 50 (SX5E): Pullback underway but still holding uptrend structure. Support at 5,280, resistance at 5,514 and 5,581. Hold.
- US Dollar Index (DXY): The bearish trend remains intact, currently at TD 7 of 9. A break below 103.84 opens the door to 98.26. Sell.
S&P 500 (SPX): Bears in control. Previously, we noted a trend reversal(down) with last week’s TD 9. As predicted, the index experienced a brief oversold bounce but has continued its downward trajectory. TD 2 of 13 targets 5,479 and 5,175. Recommendation: Sell.
NASDAQ Composite (CCMP): Bears in control. The NASDAQ has followed the bearish path outlined in our March 6 analysis, with a confirmed break below the 200-day moving average. This breach has led to further downside, with targets now set at 16,807 and 15,873. Recommendation: Sell .
Dow Jones Industrial Average (INDU): As previously noted, bearish momentum has deepened significantly. The TD Sequential 8 of 9, with completion expected on Thursday confirming the downtrend, as does the recent breach of the 200-day moving average. Recommendation: Sell.
DAX (German Stock Index): Contrary to US indices, the DAX remains in a confirmed uptrend. Our previous note highlighted strong buying interest, which continues as the index consolidates with targets at 23,101 and 23,419. Recommendation: Hold
EURO STOXX 50 (SX5E): While previously in a robust uptrend, the index is now experiencing a pullback. We continue to see support at 5,280, with resistance levels ahead at 5,514 and 5,581. Recommendation: Hold
US Dollar Index (DXY): Continuing the trend noted on March 9, the US Dollar Index remains bearish, with a break of the 200-DMA. Now trading at TD 7 of a 9. A breach of our target of 103.84 now suggests 98.26. Recommendation: Sell
EUR/USD: The EUR/USD pair showcases strong bullish momentum, currently at TD 13/7. The recent break above key resistance at 1.072 and the 200-DMA has fortified this uptrend. The next immediate target is 1.09, with a potential extended target at 1.1269. Given the current trajectory, a buyer should consider entering on pullbacks, with careful monitoring needed as it approaches TD 8/9 as a potential place to take trading profits. Recommendation: Long until proven otherwise
