NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Wait for Jerome Powell

NASDAQ 100 Technical Analysis

The Nasdaq 100 has risen a bit during the early hours on Wednesday as we continue to see a lot of back and forth trading just below the all-time high. We have a scenario where the Federal Reserve has an interest rate decision later in the day. So that obviously has a major influence on what happens next. But at this point in time, it appears that any sell-off will probably be looked at as a potential buying opportunity in this runaway freight train.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has gone back and forth as well, as it’s just above the 50 day EMA near the 42,000 level. And of course we have the 200 day EMA just below there. The 43,000 level has been a bit of a major resistance barrier, but I think we’re probably going to see the market try to make a run towards that level given enough time. It’s just been so resilient.

S&P 500 Technical Analysis

The S&P 500 bumped itself a little bit higher during the trading session as well, continuing to just hang around the 6,000 level. This is a market that is given enough time, I think, does have much higher levels in it, but obviously we are treading water and trying to sort out whether or not the interest rate decision or perhaps maybe not the decision, but the statement and press conference can give us a reason to become a little bit more positive in this market. I do think eventually we will go looking at the highs again at the 6,150 level, but we need a catalyst.

For a look at all of today’s economic events, check out our economic calendar.