US Indices Forecasts – Technical Support Holds Despite Middle East Noise

NASDAQ 100 Technical Analysis

The Nasdaq 100 looks very likely to try to continue the overall upward trend as the crucial 28,500 level is an area of support that we’ve seen multiple times, and therefore, it’s not a huge surprise to see a little bit of market memory come into the picture. We are still very much in an uptrend, and it looks as if all of the noise over the weekend coming out of the Middle East doesn’t seem to be rattling the markets, at least as of yet.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues to defend the 52,000 level as support. It’ll be interesting to see how this plays out, but when we look at the last several months, it’s most certainly in an uptrend, and that clearly hasn’t changed from objective standards of higher highs going forward all the way back to late March. With that being the case, I think the 53,000 level is an area that will attract attention mainly due to the fact that recently it’s been resistance. It’s an uptrend, it’s rising a bit early ahead of the New York session, none of this is much of a surprise.

S&P 500 Technical Analysis

The S&P 500 has bounced from a trend line in the ascending triangle that the market has been forming, and from just above the crucial 50-day EMA. Ultimately, this is a market that could go looking towards the top of this triangle again if history repeats. That’s 7,600; that’s an area that’s been pretty resistant as of late. But one would have to look at this market objectively and recognize that we’ve been in an uptrend for quite some time, and as we are in earnings season, that could be fuel to the fire. We’ll just have to wait and see. Regardless, buyers continue to come in and pick up dips along the way.

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