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Dow Jones, Nasdaq 100, S&P 500 Forecasts for the Week Ahead

Dow Jones, Nasdaq 100, S&P 500 Forecasts for the Week Ahead

Paul Robinson, Strategist

Indices Technical Forecast:

  • S&P 500 rolling over towards important channel support
  • Dow Jones acting weak(ish), on verge of a lower low
  • Nasdaq 100 is holding up the best of the major indices
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S&P 500 Technical Forecast

The S&P 500 is coming off record highs, but so far it is doing so in a controlled manner that smacks more of a correction than anything else. That could change of course, but for now we will run with the behavior being presented.

Watch support coming up via a lower channel line extending higher from May. It was recently validated as support, but will it continue? As long as momentum doesn’t push price through it could act as a solid risk/reward spot for traders to enter in the direction of the trend.

A strong break would be reason to back off a cautiously bullish outlook, and depending on the manner in which it would occur, and outright bearish stance may be warranted. For now, though, focused on running with the trend.

S&P 500 Daily Chart

S&P 500 Chart

S&P 500 Chart by Tradingview

Dow Jones Technical Forecast

The Dow Jones is in a more precarious position as it heads towards the possibility of making a lower low under the August low at 34690. This would start to bring into question the integrity of the uptrend, but until the broader S&P 500 breaks it isn’t overly concerning. From a tactical standpoint, however, those looking to establish bearish bets on stocks may want to look to the Dow instead of the stronger S&P 500 and Nasdaq 100.

Dow Jones Daily Chart

Dow Jones Chart

Dow Jones Chart by Tradingview

Nasdaq 100 Technical Forecast

The Nasdaq 100 continues to hold its ground, and while that may soon change it is considered the go-to option still for would-be longs. If sideways movement can maintain, then look for another attempt higher above the top-side trend-line extending over from a year ago. If we see selling begin to pick up here soon, then keep an eye on how things play out at the rising May trend-line.

Nasdaq 100 Daily Chart

Nasdaq 100 Chart

Nasdaq 100 Chart by Tradingview

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Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

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

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