NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Wait for Jerome Powell

NASDAQ 100 Technical Analysis

The NASDAQ 100 has shown itself to be pretty stagnant, maybe slightly positive in early trading on Wednesday as we wait for the Federal Reserve interest rate decision. After all, the markets do recognize that the Federal Reserve is very unlikely to cut rates, but they’ll be listening for hints of what we may see in September. There are still a lot of traders out there looking for an interest rate cut. Pullbacks should end up being buying opportunities.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it is trying to rally just a touch as we are still testing the top of the previous bullish flag. The 45,000 level above is a major resistance barrier that I think will be difficult to break out of. But if and when we do, then I think Dow Jones 30 probably goes looking to the 46,000 level pretty quickly. I still see massive support near 44,000 below and don’t have any interest in shorting.

S&P 500 Technical Analysis

The S&P 500 was a little bit bullish in the early part of the session as well. But again, I think there’s probably going to be a little bit of volatility during the day. Ultimately, there may be a period of several hours where the market does very little, which makes sense because most traders don’t want to put a lot of “risk on” ahead of such a major announcement. The 6300 level underneath should end up being support. And I think we’ll be looking for bounces there if we do sell off. On the other hand, if we break out to the upside, then the $6,500 level will be the target.

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