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Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support

Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support

Paul Robinson, Strategist

U.S. Indices Technical Outlook:

  • S&P 500 maintaining above an earlier month gap
  • Dow Jones is holding up beast, building a bull-flag
  • Nasdaq 100 rejects breakdown at Dec trend-line

Looking for trade ideas and educational content? Check out the DailyFX Forecasts and Trading Guides.

S&P 500 very close to record, 2018 t-line

The S&P 500 turned lower in an aggressive fashion on Tuesday, but was able to bounce back with some force yesterday. Yesterday’s bounce began from right around the top of the September 5 gap and retest of it on Sep 10.

The hold of the gap will be the first line of support to continue to watch, with the gap-fill and top of the August range around the 2938 level as the next sizable area of support. Rising up not too far beneath gap/range support is the December trend-line which the Nasdaq 100 rejected forcefully yesterday.

For now, the pullback has been gradual and suggests with support holding that the market wants to try and make a move higher. On further strength the record high at 3028 will be the next level of significant resistance, with the January 2018 trend-line running over around 3045. Even if the market trades to new highs this might put in yet another cap.

Check out the IG Client Sentiment page to see how retail traders are positioned and what it could potentially mean for various currencies and markets moving forward.

S&P 500 Daily Chart (bullish pullback so far)

Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support

S&P 500 Chart by Tradingview

The Dow has been holding up well, building a bull-flag that looks ready to trigger soon. The drop on Tuesday, reversal higher yesterday may be the end of the pattern's development. On a break higher watch the record high at 27398 and the January 2018 trend-line running over in the 27400s. These levels/lines are in near confluence so that could be a meaningful area up there.

Dow Jones Daily Chart (bull-flag)

Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support

Dow Jones Chart by Tradingview

The Nasdaq 100 very nearly triggered the big-picture rising wedge this week until it bounced yesterday with a decent amount of force. The rejection at the December trend-line further cements its importance moving forward.

For now, must continue to respect support, with a close below 7467 needed to break it. Otherwise the outlook is neutral to bullish. The NDX may spend more time filling out the rising wedge in the weeks ahead, but despite a solid tone for now that could quickly change if the rising wedge does eventually trigger.

Nasdaq 100 Daily Chart (Dec t-line, bottom of wedge is big support)

Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support

Nasdaq 100 Chart by Tradingview

To learn more about U.S. indices, check out “The Difference between Dow, Nasdaq, and S&P 500: Major Facts & Opportunities.” You can join me every Wednesday at 10 GMT for live analysis on equity indices and commodities, and for the remaining roster of live events, check out the webinar calendar.

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---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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