NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Quiet in the Early Hours of Wednesday

NASDAQ 100 Technical Analysis

The NASDAQ 100 has shown itself to be somewhat sideways and quiet in the early hours on Wednesday as we are just hanging around and doing very little. At this point in time, I think you’ve got a situation where traders will continue to look at the $22,000 level underneath as potential support.

But even if we broke down below there, I think the 50-day EMA comes into the picture near the $21,500 level. So, with this, I think you’ve got a situation where you are buying dips, and I think you have a scenario where eventually we break higher, perhaps towards the $22,500 level.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has drifted a little bit during the early hours to the downside, but really at this point in time, I think we’ve got a situation where market participants continue to see the 50 day EMA underneath as significant support. And I think this is a scenario where we are just simply working off some of the excess froth that we had previously put into the market on a daily close above 45,000. I think you’ve got a situation where market participants go much higher and really start to chase the market.

S&P 500 Technical Analysis

The S&P 500 is quiet as well as we’re just killing time here. I think ultimately, you’ve got a situation where markets are just looking for a reason to get moving. And during the Wednesday session, we get a joint interview between Donald Trump and Elon Musk, that’s come and gone. And that really wasn’t a market mover.

But now the next thing would be the FOMC meeting minutes, which maybe that’s what people were waiting for or it’s just possible we just don’t have enough momentum right now and we’re just middling along. I think short-term pullbacks continue to be buying opportunities, and I certainly have no interest in shorting this market.

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