NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Waiting for PCE

NASDAQ 100 Technical Analysis

The NASDAQ 100 has shown itself to be somewhat quiet and sideways as we are trying to continue the overall move to the upside. It’s worth noting that we have been in a pretty significant uptrend channel for quite some time. Really at this point in time, I think you are just seeing a simple pullback. Whether or not we rally during Friday remains to be seen.

After all, we get the PCE Price Index numbers coming out, which the Fed pays close attention to. So that could have an influence. But even if we pull back, I think there is plenty of support underneath current levels, especially near 24,000, where the uptrend line of the channel itself appears. Furthermore, you have the 50-day EMA just below there as well.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it is trying to bounce from the trend line that’s been in effect since the first of August. If we can bounce and go looking at the highs again, you’re looking at a move to right around 46,750. Even if we break down below here, I think there’s plenty of support at multiple levels between here and 45,000 that could come into the picture to offer a bit of support.

S&P 500 Technical Analysis

The S&P 500 is very quiet in pre-market trading as we wait for those PCE numbers to come out later. The market of course has a channel just like the NASDAQ 100 market does. And therefore, I think if we do fall, you’re probably looking at that uptrend line for pretty significant support. While it may feel rough, the reality is that any pullback at this point in time will almost certainly attract the buy on the dip crowd. So as long as that’s the case, you have to look at these little dips as potential buying opportunities. 6,500 is your floor right along with the trend line and the 50 day EMA all being in the same neighborhood to offer support as well.

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