Technicals | Dec 17 2025
Earlier today, Tony Sycamore, Market Analyst, IG updated his views and thoughts on financial markets, including the technical analysis.
All material has been re-published with permission and does not by association represent FNArena’s views (we have none, we simply report).
First Up, Nasdaq100
The Nasdaq100’s (and the S&P500’s) successful defence of critical support on Friday, November 21, followed by a strong rally the next Monday, prompted us to shift to a bullish bias across US equities — a view that has played out well particularly in the Dow Jones which has soared to new highs.
However, the recent emergence of intramarket divergence at or near to record highs has caught our attention and leave us with a mixed picture as to what comes next. As a result, we have moved to a more neutral stance on the Nasdaq100 for now.
We will watch closely for either a pullback toward the 23,500ish zone, which could present a fresh buying opportunity, or a convincing break above resistance near 26,200, which would reopen the upside toward 27,000.
ASX200
After reaching an all-time high of 9115 in mid-October, the ASX200 hit a low of 8383 on November 21st for a -7.7% pullback, marking its deepest correction since April.
The ASX200 then bounced 318 points or 3.80% into Friday’s 8701.8 high.
The bounce has lacked impulsive qualities and instead displays corrective qualities, which at this point suggests the rally is countertrend (like the corrective bounce in Bitcoin which bottomed on the exact same day as the ASX200 – November 21st).
With this in mind, should the ASX200 break below recent lows at 8560ish and then see a sustained break below the 200-day moving average at 8529, it would indicate the corrective bounce is complete and open the way for a retest of the 8383 low.
Until then, allow the rebound the benefit of the doubt.
Crude Oil
WTI Crude Oil is trading lower at US$55.25/bbl, down -2.54% after hitting an intraday low of US$54.98 earlier in the session — its lowest level since early 2021.
The decline continues to be driven by optimism surrounding Ukraine peace negotiations which, if successful, are expected to see increased Russian oil supply as restrictions are eased.
Adding to the pressure, soft Chinese economic data earlier in the week has fuelled concerns that global demand may not be strong enough to absorb recent output increases.
For now, support in the mid-US$50s remains critical.
A convincing break below this zone would signal a deeper pullback, initially targeting psychological support at US$50.00/bbl.
Gold
Gold is trading marginally higher at US$4311/oz, up 0.15%, after last night’s Non-Farm Payrolls print re-inforced expectations of two -25bp Fed rate cuts next year.
Technically, gold needs to break through the US$4355/85 resistance zone to open the door for a fresh leg higher towards US$4500/oz.
Technical limitations
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.
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