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S&P 500 at Risk of Larger Pullback, Nasdaq 100 Eyes Support

S&P 500 at Risk of Larger Pullback, Nasdaq 100 Eyes Support

Justin McQueen, Strategist

US Equity Analysis and News

See our Q3 forecasts to learn what will drive FX the through the quarter.

S&P 500

S&P 500 futures are pointing to a softer open on Wall Street. Consequently, this could take the index below the current 2892-2900 pivot area. If indeed this is the case, this potentially raises the risk of a larger pull-back in the S&P 500 towards the next value area of 2852-2867. That said, while the index remains above 2867, the outlook continues to remain positive albeit only modestly so.

S&P 500 at Risk of Larger Pullback, Nasdaq 100 Eyes Support

Dow Jones Industrial Average

Dow Jones futures are under pressure this morning, eyes will be on for a close below yesterday’s low (25805), which could see the index pullback towards the 25550-25691 value area. However, given that the Dow Jones continues to play catch up relative to the record highs seen in other US indices, the top end of the 26010-26331 remains the upside target.

S&P 500 at Risk of Larger Pullback, Nasdaq 100 Eyes Support

NASDAQ 100

Nasdaq 100 continues to test support at 7596, provided this holds the index could be well positioned for another leg higher and make another push towards the 7680.

S&P 500 at Risk of Larger Pullback, Nasdaq 100 Eyes Support

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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