S&P 500, NAS 100 Runs into Resistance, Can the Rally Continue?

IG Client Sentiment Shows that Retail Traders are Net-Short with 59% of Traders Currently Holding Short Positions on the SPX.US Indices have rallied quite significantly over the past week and a half with SPX up around 7%, and the NAS100 around 9.2% before stuttering slightly today. Market participants are seeking fresh insight into the thinking of the US Federal Reserve regarding rate hikes and potential cuts in 2024.

Alternatively, a push lower and rejection of the 15300 level could bring us back to retest the channel breakout at around the 15100 mark before a potential bullish continuation. If this level is broken support at 15000 and possibly the 20-day MA at 14800 will likely come into focus.The SPX has had a similar run as the NAS100, breaking above the inner trendline and now faces a resistance level as well.

A rejection here could lead to a retest of the inner trendline and then lead to a bullish continuation. As is usually the case a breakout is followed by a retest before continuation .Taking a quick look at the IG Client Sentiment, Retail Traders are Short on SPX with 5% of retail traders holding Short positions.

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