Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Soften as Earnings Begin

NASDAQ 100 Technical Analysis

The Nasdaq 100 has pulled back just a touch during the early part of the trading session on Wednesday as the 50-day EMA has offered a bit of resistance. The 28,500 level underneath is support that we’ve seen act in this market a couple of times, with a situation where we continue to see traders being interested in this area. It is worth watching. We are in the beginning part of the earnings cycle, so we’ll have to wait and see how this plays out. Rising interest rates not helping tech, though.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has gone back and forth during the course of the trading session in the pre-market trading. The 52,000 level looks like a certain amount of support is there. If we were to break above there, then the 53,000 level is an area that a lot of traders are looking for the market to get to. The market has been a bit of a nice grinding uptrend. We are getting close to pretty significant support, so it’ll be interesting to see how this plays out. A lot of this will come down to earnings, noise coming out of the Middle East, and just simple momentum.

S&P 500 Technical Analysis

The S&P 500 has pulled back a bit. We’ve been grinding back and forth in the same range for the last couple of days. The sell-off really is not anything that I’m overly concerned about. The 7,500 level is a bit of a magnet for price. If the market can take off from here, the 7,600 level is where we had seen resistance previously and is the top of the potential ascending triangle. Ultimately, an ascending triangle suggests that pressure is building for a move higher, but we’re just waiting around. Whether or not that happens will remain to be seen. We do have the 50-day EMA underneath offering support as well.

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