NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Looking to Recover on Wednesday

NASDAQ 100 Technical Analysis

The Nasdaq 100 fell pretty significantly to kick off the session on Wednesday initially, only to turn around and show signs of life. By doing so, it looks like it is going to hang on to the 23,250 level for support. And it is worth noting that we are in a scenario that has been very bullish and we are coming close to a fairly significant uptrend line. Ultimately, this is a market that I think does go higher, but it makes a certain amount of sense that we have a bit of a pullback after what has been a massive just grind to the upside over the last several months.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues to struggle with the 45,000 level, but this is a market that I think still tries to break above the last couple of shooting stars and go looking to the 46,000 level. We are in the midst of a little bit of rotation in stock markets, meaning that people who are not necessarily just buying Nvidia are buying other stocks as well. And that has seen a little bit of volatility in the indices, but at the end of the day, they all still look positive, including the Dow Jones 30, which I think is a buy on the dip scenario.

S&P 500 Technical Analysis

The S&P 500 has pulled back as well but has also bounced a bit. So, I think we’re going to try to go looking at the 6,500 level. The 6,400 level, a large, round number, of course, is attracting a certain amount of attention, but I think this is minor support. Nonetheless, this is a market that I’m looking to buy, not short. Even if we break down below the 6,400 level, the 6,300 level now is attracting the attention of the 50-day EMA, and I think that offers support as well. It is only a matter of time before we break higher and clear the 6,500 level.

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