NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Quiet in Premarket Trading on Wednesday

NASDAQ 100 Technical Analysis

The Nasdaq 100 ended up being fairly quiet in the previous session after initially selling off and we see a continuation of that in the pre-market on Wednesday. This does make a certain amount of sense because at the end of the day, we get earnings from Nvidia, and Nvidia is 14 % of the NASDAQ. So, keep that in mind. I suspect that the day is going to be very quiet, and then Nvidia will tell us what’s happening next. We do have plenty of support at the 23,250 level, the uptrend line, and the 50-day EMA underneath.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is behaving very much the same. We initially sold off a bit during the trading session on Tuesday, bounced, and now we find ourselves just hanging around in pre-market on Wednesday. I think we are probably in the same situation here, although Nvidia is not in the Dow Jones 30, the reality is that markets are going to kind of take their cues off of each other. The 45,000 level looks to be support on any pullback.

S&P 500 Technical Analysis

The S&P 500 is sitting pretty much still as we are eyeballing the 6,500 level above as a major barrier. If and when we can break above there, and I think it’s probably only a matter of when, then the S&P 500 should continue to go higher. I would anticipate that the 6,600 level gets targeted pretty quickly, and in the meantime, I think any short-term pullback, I think, has plenty of support at multiple levels. But the most interesting one to me is going to be the $6,350 level. I think there would be quite a bit of interest in trying to pick up cheap contracts in that region.

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