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Dow Jones, Nasdaq 100, S&P 500 Technical Outlook


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U.S. INDICES TECHNICAL OUTLOOK:

  • S&P 500 trading above resistance back to January
  • Nasdaq 100 inching above the 200-day moving average
  • Dow Jones also reclaimed its 200-day MA

S&P 500, Nasdaq, Dow Technical Forecast: The Big Plunge

DOW JONES, NASDAQ 100, S&P 500 TECHNICAL OUTLOOK

The S&P 500 has been relentlessly pushing higher since the mid-March low, and on that it has cleared the 200-day with relative ease and now above another set of resistance from Jan/Feb around 4595. The market is extended, but it’s hard to fight strong upward momentum.

This doesn’t make for an easy position for those looking to enter long as a retracement could set in at any time, but shorting doesn’t have any appeal too in the absence of substantial resistance. A pullback and hold around 4595 could do some good for a continuation trade.

If this scenario is to unfold it would be ideal that the market rests for a few days on or above support. This would help work off short-term overbought conditions and provide a floor for assessing risk on new entries.

 

S&P 500 DAILY CHART

S&P 500 daily chart

S&P 500 Chart by TradingView

The Nasdaq 100 just nudged above the 200-day moving average and is trading around the Feb peak at 15196. Momentum is strong, but we could see a retracement set in at any time. If long from lower levels, perhaps a trailing stop strategy would be a good idea. As far as new longs, looks best to wait, and as far as shorts are concerned nothing appealing about the current situation from where I sit.

NASDAQ 100 DAILY CHART

Nasdaq 100 daily chart

Nasdaq 100 Chart by TradingView

The Dow Jones also climbed above its 200-day yesterday, and on that it has room to go before it runs into its next level of resistance around 35824. If we see a run to that point and reversal on a failure to climb above, it could offer a short set-up. On a dip watch how price reacts to the 200-day retest. A period of consolidation above the 200 could do the Dow some good.

DOW JONES DAILY CHART

Dow Jones Daily Chart

Dow Jones Chart by TradingView

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---Written by Paul Robinson, Market Analyst. 30th March 2022  | DailyFX

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