The report highlights that the SPX and NASDAQ are testing critical support levels near their 200-day moving averages after breaking below the 100-day MA. Significant tech themes including Semiconductors, the MAG index, and Software are also at key technical inflection points.
Key Takeaways
- 1.Major US indices like the S&P 500 and NASDAQ are currently trapped in ranges and testing critical support levels at their 200-day moving averages.
- 2.The Magnificient 7 (MAG Index) is at a 'line in the sand' at 25k, with its 100-day moving average starting to slope negatively.
- 3.The Software sector (IGV) and Semiconductor sector (SOX) are at technical inflection points, with IGV back at major support.
Table of Contents
- Still stuck
- NASDAQ
- Russell
- Sexy SOX
- Must hold in MAG
- AIQ
- Software
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Securities
SPXNasdaqIGVSOXAIQRussellMAG Index
Themes
Artificial Intelligence and Software MomentumMean Reversion and RangesTechnical Analysis Support and Resistance
Regions
North AmericaUnited States