From Investing.com: 2024-11-19 11:07:05

Fairlead Strategies analyst Katie Stockton warned of potential near-term declines for the S&P 500 (SPX) and Nasdaq-100 (NDX) due to key technical signals. The NDX flashed a daily MACD ‘sell’ signal, with the SPX expected to follow. Initial downside risk for SPX and NDX is near 5,780 and 20,140, respectively.

Despite short-term bearish indicators, Stockton sees intermediate-term potential for the SPX. However, a weekly stochastic downturn could indicate a larger correction. Weakness in the biotech sector is evident, with XBI breaking support near $95. XBI may find support between $88 and $89, according to Stockton.

In contrast, agricultural commodities like DBA show strength. The Invesco DB Agriculture Fund is recovering from a correction, with a breakout above its daily cloud and resistance near $26.50 within reach. The mixed outlook suggests equities face short-term challenges, while commodities like DBA show resilience.



Read more at Investing.com: Fairlead’s Stockton says S&P 500 & Nasdaq likely to head lower in the coming days By Investing.com