Pictet Technical Views: Global Equity Indices & Upside Targets (August 2026)

Global equity indices continue their constructive price action to new all-time highs, led by breakouts in US technology and Japan's Nikkei 225 alongside rising market breadth. Key upside targets include S&P 500 at 8,045–8,500, Nasdaq 100 at 32,500, and Nikkei 225 at 79,100, though volume confirmation remains modest.

Key Takeaways

• 1.US equity indices continue their constructive price action with the Nasdaq 100 breaking above short-term risk levels toward 32,500 and the S&P 500 clearing 7,750 toward upside targets of 8,045 and 8,500.
• 2.Market breadth has improved significantly with 73.25% of S&P 500 stocks above their 200-day SMA, though limited volume confirmation remains a key tactical caveat.
• 3.European benchmarks remain upwardly oriented with the Euro Stoxx 50 targeting 6,650–6,830 and DAX heading towards 28,400–28,850, while CAC 40 lags and requires a break above 8,800 to confirm a new up-leg.

Table of Contents

• Constructive price action continues despite limited volume confirmation
• PTS Technical Views: Equity indices
• North America
• S&P 500 (LT): Final leg of the post GFC sequence?
• S&P 500 (MT): 7,750 bypassed, opening upside potential towards 8,000 and 8,500
• S&P 500 (ST): 7,750 cleared, new rise towards 8,045 and potentially 8,500
• S&P 500 breadth: Long-term breadth near a two-year high, supporting the current trend
• S&P 500 Equal Weight: At a pivotal area around 9,000–9,100
• S&P 500 EW ratio: Stabilising above 1.15, setting up a new attempt towards 1.20?
• CBOE Volatility (ST): Negative breakout confirmed
• Nasdaq 100 (LT): 31,500–32,500 in focus
• Nasdaq 100 (MT): Momentum improving, with 32,500 in focus
• Nasdaq 100 (ST): Bypassing 29,900 opens up new upside potential towards 32,500
• Nasdaq 100/S&P 500 ratio: 3.85 bypassed, potential for renewed Nasdaq 100 outperformance
• Russell 2000 (MT): Rise in progress towards 3,317 but exhaustion signals emerging
• Russell 2000 (ST): 3,065 the key level to monitor
• Europe
• S&P 500 vs STOXX® Europe 600 (LT): Pause below 13.9, with scope to retrace towards first support at 13.17
• STOXX Europe 600 (MT): Focusing on pivotal level at 668
• EURO STOXX 50® (MT): 6,650 the risk level to monitor
• EURO STOXX 50® (ST): Rise in progress to 6,650–6,830
• DAX (MT): Breakout from megaphone pattern, rise in progress to 28,400
• DAX (ST): Holding above 25,500, upside potential towards 28,400–28,850
• CAC 40 (MT): Still no confirmation on indicators at this stage
• CAC 40 (ST): Break above 8,800 needed to validate recent improvement and open 9,400
• SMI (MT): Positive breakout with bearish RSI divergence
• Asia & Emerging Markets
• Hang Seng (MT): Still close to mid-term resistance area
• Hang Seng (ST): Testing a cluster of resistance around 200-day SMA
• Nikkei 225 (ST): 68,100 bypassed, validating new rise towards 79,100
• Endnotes: references for Trading Strategy publications
• Disclaimer and disclosure information

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PTS Technical Views: Equity indices — as of August 17, 2026.

Reports in this series

Technical Views is shown in chronological order through this edition, published on August 17, 2026.

Part of the Technical Views series — view all 6 editions

1. May 11pts-wtv-indices-20260511
2. Jun 8pts-wtv-indices-20260608
3. Jun 9pts-wtv-ccb-20260609
4. Jun 23pts-wtv-ccb-20260623
5. Jul 14pts-wtv-ccb-20260714

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