NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Look Slightly Bullish After Move Higher on Low Volume

Nasdaq 100 Technical Analysis

The NASDAQ 100 has pulled back slightly in the early hours on Wednesday as it looks like we are trying to sort out whether or not we can stay above the 200 day EMA. Quite frankly, the market has been pretty significantly oversold and at this point, we are doing everything we can to try to find our footing. The 200 day EMA underneath is, of course, an indicator that a lot of people pay close attention to. After that, the 20,000 level comes into the picture offering a lot of interest. Anything below the 20,000 level, then I think you start to see the NASDAQ 100 slip.

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially pulled back just a bit during the early hours on Wednesday, only to turn around and show signs of life. Breaking above the candlestick from the previous session could open up a move to the 50 day EMA, but I would be a bit cautious because if you look at the volume graph below, it just falls off of a cliff as we’re rising. So not a lot of conviction despite the fact that it does look very bullish. I’d be very careful here.

S&P 500 Technical Analysis

The S&P 500 has done very little as it looks like the 5800 level continues to be an area of significant importance. It’s an area that previously had been support and now it ends up being resistance, and I think a certain amount of market memory is attached to this level. If we do break above there, then we have the 50 day EMA after that, which of course comes into the picture and cause a bit of technical resistance as well. I think at this point in time, the market’s probably more or less ready to go sideways and try to figure out what the next catalyst is going to be for movement.

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