NASDAQ Index, SP500, Dow Jones Forecasts: US Indices Dance on the Edge of Global Drama

Key Insights

• The ongoing conflict between Israel and Hamas casts a shadow on markets, driving safe haven appeals.
• S&P 500 (SPX) tips towards bullishness above $4,300 despite short-term bearish signals from the 50 EMA.
• NASDAQ‘s potential bullish progression is evident as it pierces through the 61.8% Fibonacci retracement, while Dow Jones hints at testing higher resistances if it overcomes the $33,887 hurdle.

S&P 500

On October 10, the daily technical outlook for the S&P 500 (SPX) indicates a current price of 4336 based on a 4-hour chart timeframe. The pivot point is at 4284, with resistances at 4350, 4391, and 4457.

Meanwhile, support levels are marked at 4243, 4175, and 4134. The RSI stands at 60, pointing to a bullish sentiment. Furthermore, the MACD value of 14.23 has surpassed its signal line at -17.87, suggesting potential upward momentum.

Interestingly, the SPX’s price remains below the 50 EMA of 4380, signaling a short-term bearish trend. However, an observed upward channel breakout drives the uptrend. Despite the 50 EMA possibly capping the uptrend near 4380, both RSI and MACD advise purchasing above $4300.

Conclusively, the SPX trend is bullish above 4300, with potential tests of higher resistances in the near term.

NASDAQ

On October 10, the NASDAQ displayed a current price of $15,053 based on a 4-hour chart. The pivotal point is identified at $14,823. Resistances are poised at $15,194, $15,394, and $15,766. In contrast, support is found at $14,623, $14,252, and further down at $14,059. With an RSI value of 63, a bullish sentiment prevails.

The MACD value stands at 22.1, which, compared to its signal line at 95.1, does not immediately suggest a dominant trend.

The NASDAQ’s current price is slightly above the 50 EMA of $14,842, indicating a short-term bullish inclination.

Notably, the index has cut through the 61.8% Fibonacci retracement level at $15,115, suggesting a potential bullish progression. In summary, the NASDAQ is bullish above $14,823, and in the short run, it might test the higher resistance levels.

Dow Jones

On October 10, the Dow Jones (DJIA) showcased a price of $33,802 based on a 4-hour chart. The index’s pivotal point rests at $33,444. On the higher side, resistance is evident at $33,884, $34,532, and the more robust level at $34,983.

Conversely, supports are mapped out at $32,796, $32,345, and deeper at $31,697. An observed chart pattern reveals a downward trendline capping the upward progression around $33,887. This suggests a limitation to its bullish momentum.

In conclusion, the DJIA exhibits a bearish trend when priced below $33,887. In the near term, if it breaches this level, it could make an attempt to touch higher resistances.

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