NASDAQ Index, SP500, Dow Jones Forecasts: SPX Nears Pivot at 4756 Amid CPI Anticipation

Key Insights

• Mixed U.S. stock futures as investors await key inflation data and major bank earnings.
• S&P 500 experiences a slight dip, trading near pivot point at $4,756.51.
• NASDAQ edges up, demonstrating mild bullish sentiment near $14,670 pivot point.

Quick Fundamental Outlook

U.S. stock futures showed mixed results ahead of key inflation data and bank earnings later this week. Markets are cautious, awaiting December’s consumer inflation report, which could influence Federal Reserve’s meeting outcomes.

Concerns around inflation and Boeing’s recent admission of a safety lapse are also impacting investor sentiment. The upcoming quarterly earnings season is set to begin with major banks like Bank of America and JPMorgan Chase, adding to the market’s focus.

On January 10, the S&P 500 Index (SPX) experienced a slight decrease, trading at 4756.51, a 0.15% drop. The index currently hovers around its pivot point at 4756.51. Facing immediate resistance at 4765.69, the SPX has subsequent hurdles at 4794.61 and 4819.15, crucial for its potential upward trajectory.

Support levels are noted at 4707.69, 4670.35, and 4641.41, which could mitigate further declines. The Relative Strength Index (RSI) stands at 57, indicating a mildly bullish market sentiment. The SPX is also trading above its 50-Day Exponential Moving Average (EMA) of 4687.92, suggesting a short-term bullish trend.

Dow Price Forecast

On the downside, support is marked at $37,400, $37,272, and $37,122, key to preventing further dips. The DOW’s alignment with its 50-Day Exponential Moving Average (EMA) of 37,500.00 further indicates market stability.

Chart analysis reveals a symmetrical triangle pattern, reflecting a struggle between buyers and sellers within a 37,600 to 37,300 range. This situation suggests a potential breakout in either direction. A decisive move above 37,300 could signal a bullish trend.

NASDAQ Price Forecast