S&P 500 – Technical Outlook
At the moment, the US stock market index SPX is trading right above a strong support level of 2,660, and a break below this level can drive more bearish in the market until 2,640. Whereas, on the upper side, the index is likely to face a resistance near 2,717.
Speaking of leading indicators, the RSI and Stochastics are holding below 20, signifying a potential for a retracement. However, the SPX seems to continue trading bearish below 2674 today.
Nikkei – Technical Outlook
During the Asian session, the Japanese stock market index Nikkei fell after the heavyweight stocks such as SoftBank and Terumo lost ground, compensating gains in financials, which roused after U.S. yields rose. Moreover, the financial stocks, that trades in the foreign bonds, soared dramatically following a rise in the U.S. yields.
Technically speaking, the NKY is trading in an upward channel which is supporting it near 21,975. The 50- periods EMA is suggesting a bullish trend whereas, the RSI is massively oversold. Nikkei is likely to stay bullish above 22,166 for a target of 22,240 and 22,351.
Good luck & have an awesome day!