Nasdaq and S&P 500 broke key support levels, signaling sell signals for further declines

From Investing.com: 2024-08-05 04:53:00

Nasdaq September Futures broke key support levels at 18900/18850, signaling a sell signal for further declines to 18385. Selling opportunity expected at 18550/600 with stops above 18800. Targets at 18400, 18250, and 18100. Strong sell opportunity at 19000/19100 with stops above 19200. Targets at 18800, 18600, and 18400, with ultimate goal of 18000/17900.

Recent lows of 5435/32 broke, indicating potential short-term bear trend. Further losses likely to target 5405/00 with confirmation below 5395. Strategy shifted from buying into weakness to selling into recovery and breaks below support, effective approach. Prices bounced off 100-day moving average of 5342, expected to reach resistance at 5420/30 for selling opportunity. Short positions should have stops above 5445 with targets at 5390, 5370, and 5350.



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