Nasdaq, S&P 500 and Dow Brace for Jackson Hole Signals

NASDAQ 100 Technical Analysis

The Nasdaq 100 is slightly negative in pre-market trading on Wednesday as traders continue to bounce around the 50-day EMA. Ultimately, this is a market that looks very much like it’s just hanging around waiting for some type of announcement, and that could be Nvidia’s earnings after the market, or it might just be some settlement to the noise in the Middle East.

Nonetheless, at this point, it’s very much a market that just doesn’t seem to have anywhere to be. Friday’s conversation will be about the speech coming from Kevin Warsh at Jackson Hole, and whether or not it sounds hawkish or dovish. In the meantime, just looking for direction here.

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially rallied early during the trading session but gave back those gains as it looks like we’re just hesitating. This makes sense because, again, we have questions about the Federal Reserve monetary policy and the war in the Middle East. There are too many things going on for the market to be completely comfortable, and as a result, we see a little bit of hesitation here at the moment.

S&P 500 Technical Analysis

The S&P 500 just continues to grind sideways, basically killing time, and I suspect probably moving on the speech from Jackson Hole on Friday more than anything else. The Nvidia earnings will obviously have a knock-on effect as well. But this is still a very bullish market from the longer-term standpoint. I don’t see anything changing here in the short term, so I still prefer buying dips when I get the opportunity to do so in this index.

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