In today’s briefing:
- Tencent New Lows in Sight
- S&P 500, Nasdaq 100 Testing Key Resistance Levels; Pause Likely; Buying Biotech
Tencent New Lows in Sight
- Tencent short from 390 is rewarding and reaching for new chart lows now that the 310 pivot support has given way and leading the likes of BABA.
- MACD target support is the key input to align with a terminal wave 5 low to set up the macro long entry in September.
- Undershoot risk to lower channel support with a low due in September and rally hurdles toward year end at 370/390. 420 remains the forward macro barrier to challenge/clear.
S&P 500, Nasdaq 100 Testing Key Resistance Levels; Pause Likely; Buying Biotech
- The weight of the evidence suggests that the lows for this bear market have likely already been established, but that does not mean it will be smooth sailing from here.
- The SPX and NDX are both testing important resistance levels (4165-4180 and the YTD downtrend, respectively), making this a logical spot for the indexes to stall and potentially pull back.
- Ultimately, we would expect to see support near their 50-day MAs as the market goes through a bottoming process. We remain neutral overall.
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