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

NASDAQ 100 Technical Analysis

The Nasdaq 100 has bounced from the 30,000 level during the early hours here on Wednesday, which makes a certain amount of sense. It’s a large, psychologically significant figure that a lot of people will be watching.

But even if we were to break down below here, we have the gap from the Monday session that I think also offers support. So, we may try to fill that gap. A bounce opens up the possibility of finding value and perhaps running back towards the highs again. Interest rates in America are still elevated but drifting a little bit lower.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is hanging around the 52,000 level, and at this point in time, I think a little bit of a pullback makes a certain amount of sense as well, considering that we have been so stretched for the entirety of the last couple of days. I think ultimately, we see pullbacks opening up the possibility of finding value. The 51,500 region is an area that a lot of people will be watching closely for support, followed by 50,750.

S&P 500 Technical Analysis

The S&P 500 has rallied a bit during the early part of the session, but it is still a little sluggish again. I think this is just the market is trying to work off some of that excess froth that we had seen.

The 7,500 level should be supported. The 50-day EMA underneath there at 7,300 should also offer support. Ultimately, I have no interest in shorting this market. I think dips should be thought of as buying opportunities.

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