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

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

Paul Robinson, Strategist

US Indices Technical Outlook:

  • S&P 500 dip so far has been constructive
  • Dow shallow dip, a little more wouldn’t hurt
  • Nasdaq 100 holding up on a top-side trend-line

See where our analysts see the stock market heading in the Q4 Equity Market Forecast.

S&P 500 dip so far has been constructive

The S&P 500 underwent a little weakness last week, but nothing at all that suggested the market was in for more than anything other than a constructive dip before moving higher. There could be a bit more weakness before doing so, which would be more ideal for providing a better risk/reward opportunity for would-be longs.

A decline down to the January 2018 trend-line could offer such an opportunity. In the event we don’t see a gradual pullback to that point, a little more base-building around current levels would also give longs a stronger backing for another rally into fresh record highs.

To turn the market on its head a strong break will be needed. In the absence of a such a wave of selling, it’s going to be difficult for shorts, perhaps through year-end as seasonal forces continue to help an already strong market.

S&P 500 Daily Chart (pullback/consolidation for another leg)

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

S&P 500 Chart by TradingView

Dow shallow dip, a little more wouldn’t hurt

The Dow Jones Industrial Average is a little closer to the January 2018 trend-line, and could test it without the S&P 500 testing its own identical threshold. A test of the trend-line could make for a stronger backing, but the way the market has been moving, a very shallow, horizontal correction may be all we see. A little patience here may serve best in allowing time for a stronger base to build.

Dow Jones Daily Chart (watch Jan ’18 t-line if comes into play)

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

Dow Jones Chart by TradingView

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.

Nasdaq 100 holding up on a top-side trend-line

The Nasdaq 100 remains mostly suspended in air like its sibling indices. It does have a line of support at its feet right here, however, which is thus far giving the NDX a little backing. The line in discussion is from the April top, crossing over the July high. The market skated on support the first couple of weeks of the month before getting some separation and gravitating back to it last week.

A hold here above 8226 will keep support well intact, a move sideways on it a bit more, like with the other indices, would do some good for loading the canon for another shot higher. Should the April line break, then watch the one running over from the September 2018 peak across the July high. The outlook will remain neutral to bullish as long as we don’t see a sudden, large break.

Nasdaq 100 Daily Chart (sitting on April t-line)

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

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 1030 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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Whether you are a beginning or experienced trader, DailyFX has 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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