NASDAQ Index, S&P 500, Dow Jones Forecasts: Market Mood Swings Amid Stronger US Inflation

Key Insights

• S&P 500 holds bullish sentiment above 4,330.66; resistance up ahead!
• NASDAQ‘s balance act: Bullish above 15,350 but resistances loom large.
• Dow Jones’ mixed signals: Bullish momentum but potential double-top pattern could shake the landscape.

S&P 500

On October 12, the S&P 500 (SPX) exhibited a marginal dip of 0.14%, positioning itself at 4,376 in the 4-hour chart timeframe. The technical landscape outlines a pivot point set at 4,283. Gazing upwards, resistance is anticipated at 4,390, with subsequent ceilings at 4,447 and 4,504.

Conversely, the index finds immediate support at 4,331, further cushioned by 4,287 and a deeper safety net at 4,214. The Relative Strength Index (RSI) stands at 60, hinting at a bullish sentiment given its positioning above the midpoint of 50.

Summarizing the technical indicators and price movements, the S&P 500 trends towards a bullish trajectory as long as it remains above the 4,330.66 level. For short-term speculations, market participants might observe the index attempting to breach the proximate resistance levels in the imminent trading sessions.

NASDAQ

On October 12, the NASDAQ showed a commendable performance with a value of 15,251 in the 4-hour chart timeframe. The pivot point for the NASDAQ was identified at 14,812. On the upside, investors should watch resistance levels at 15,181 followed by 15,383, and a more prominent level at 15,763.

Meanwhile, on the downside, the immediate support level is pinned at 14,610, and subsequent layers of support are situated at 14,235 and 14,034. The Relative Strength Index (RSI) is noted at 63, indicating a slightly bullish sentiment.

In wrapping up the current NASDAQ stance, the index leans towards a bearish trend as long as it remains below the 15,350 mark. Traders should remain alert in the short term, as the NASDAQ might be aiming to challenge key resistance levels in the upcoming trading sessions.

Dow Jones

On October 12, the Dow Jones Industrial Average (DJIA) has seen a drop of roughly 0.40%, settling around the 33,700 mark during the early US trading session, as evidenced on the 4-hour chart. Analytically, the pivot point for DJIA has been delineated at 33,440. On the bullish horizon, resistances are slated at 33,890, followed by more pronounced barriers at 34,533 and 34,984.

On the bearish side, immediate support lies at 32,797, with further cushioning levels at 32,346 and 31,701. The Relative Strength Index (RSI) is clocked at 67, leaning towards a bullish momentum.

Meanwhile, the 50-day Exponential Moving Average (EMA) for the index stands at 33,500. In conclusion, the DJIA’s trajectory suggests a bearish sentiment if it dips below the 33,900 level, with a potential double-top pattern in view. In the short term, traders might witness the index testing specific resistance levels.

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