NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Quiet on Wednesday Early Trading

NASDAQ 100 Technical Analysis

The Nasdaq 100 has done very little in the early hours of Wednesday, as we just don’t really know where we’re going next. I think ultimately, this is a situation where we are traveling between $21,000 and $22,000 overall as we are just digesting some of the previous gains.

Furthermore, there are a lot of questions about trade wars and things like that, but at the end of the day, that’s all noise. Really, what you’ve got here is a market that needed to take a break, and it found a reason to. I think we will continue to consolidate. Furthermore, if you look at a Bitcoin chart, it looks somewhat similar, just a little hint.

Dow Jones Technical Analysis

Over here in Dow Jones 30, you can see that the market is fairly quiet, but it does look supported underneath. So, I would say that the Dow Jones 30 probably has more juice to it at the moment. We are consolidating after a sharp rise from the last previous couple of weeks, but we have not been able to decidedly clear the 45,000 level.

That could continue to be the play between now and jobs Friday. We’ll have to wait and see. I do think short-term pullbacks offer buying opportunities along the way though, for those of you that would be more short-term inclined.

S&P 500 Technical Analysis

The S&P 500 sits at the 50-day EMA basically hanging around the 6,000 level, really not doing much in the early hours as well. I think this is probably a congestion or consolidation day. We’ll have to wait and see. But I do think that this is a market, much like the NASDAQ 100, it’s just simply killing time after rising so predictably for the last, say, year and a half or so. So ultimately, I do think we are going higher. I think short-term pullbacks are buying opportunities, and I have no interest in shorting.

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