NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Slightly Higher in Premarket

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied just a little bit during the early hours on Wednesday, but at this point in time we still have a bit of hesitation, which makes sense considering that we get an interest rate decision late in the day, and perhaps more importantly, we get that press conference.

The market is currently bouncing around between 19,129 and 20,000. If we can recapture 20,000, then I think you have a shot at rallying pretty significantly. Breaking above the 200 day EMA then opens up a much bigger move to the upside.

Dow Jones 30 Technical Analysis

Dow Jones 30 is quietly positive in the early hours, but it has to deal with the 42,000 level above to really get bullish. The 42,000 level also has the 200 day EMA sitting right there as well. So, it’s doubly important that we get above there before we start getting bullish. In the meantime, I think we’re just kind of bouncing around, and most market participants are waiting on other people to lead the charge before they put money to work.

S&P 500 Technical Analysis

The S&P 500 has rallied slightly, and we continue to use the 5600 level as a bit of a magnet for price. Above we have the 200-day EMA at the 5,730 level, and if we can get above there, then we can really start to take off and recover. I do think that’s coming sooner rather than later, but really at this point in time what we need to see is Jerome Powell suggests that the Federal Reserve is going to start cutting rates. If we drop from here, the 5,500 level is your recent floor. Anything below there gives the S&P 500 dropping even further.

For a look at all of today’s economic events, check out our economic calendar.