Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Attempting to Bounce on Wednesday

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied just a touch during the trading session on Wednesday in the early hours and it now looks as if we are going to continue to look at the 28,500 level as a potential floor in the market. If we can continue to see maybe rates roll over a bit, 29,500 might be a target we head to.

The market breaking down below the 28,500 level could open up further selling, but as things stand right now, I think we are still decidedly bullish.

Dow Jones 30 Technical Analysis

The Dow 30 has rallied a bit during the early part of the trading session on Wednesday as well, as it continues to bounce around between the 49,000 level on the bottom and the 50,000 level on the top. All things being equal, I think this is a market that will continue to see a lot of buying on the dips, but we will also have to see whether or not those rates can come down because rates are a big problem right now for equity markets, non-yielding assets, pretty much anything not called interest rates or US dollars.

So that continues to be a major issue. I think right now we’re just stuck in this $1,000 range.

S&P 500 Technical Analysis

The S&P 500 is rallying a little bit. I think we’ve got a situation where any pullback at this point in time probably ends up being a buying opportunity and that buying opportunity allows for value hunting to come in with 73,000 being a bit of a hard floor.

I do think we try to get back to the 75,000 level, an area that has previously been the swing high. I have no interest in shorting and I’m looking for a little bit of momentum to get involved.

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