US Indices Forecasts – Geopolitical Support Tests Fuel Stock Rebound

Nasdaq 100 Technical Analysis

The Nasdaq 100 is trying to rally a bit during the trading session here on Thursday in the early hours, as the 50-day EMA has offered support during the Wednesday session. We did see a lot of negativity on Wednesday in reaction to the US and the Iranians exchanging fire again, but it looks like the market’s willing to look past it, perhaps re-enter the consolidation that we had been in. Quite frankly, something like this ends up being a buying opportunity, all things being equal.

Dow Jones 30 Technical Analysis

The Dow Jones 30 tried to rally, but it’s basically flat in the open, and it looks like a market that just doesn’t have anywhere to be in the short term. The 52,000 level should end up being support. As long as we can stay above there, I don’t think anything’s truly changed. And even if we do break down below there, you then have the 50-day EMA right around the 51,000 level offering support as well. I like the idea of buying dips here.

S&P 500 Technical Analysis

The S&P 500 looks like it is trying to break back above the 7500 level. This is an area that has been important a couple of times in the past, and I think you have to assume it’s probably only a matter of time before we break higher, perhaps towards 7575, maybe even higher than that, to go challenging the 7650 level, an area that had been a previous swing high.

The 50-day EMA underneath offers support, and it does look like we are trying to either break out of that symmetrical triangle or form an ascending triangle. Either way, it does look bullish. Doesn’t mean it has to be momentum-driven, just that it’s more positive than negative.

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