Indices Technical Forecast: Bearish
- S&P 500 trending lower beneath the 200-day MA
- Dow Jones set up to run lower towards next support
- Nasdaq 100 weakest of the bunch
S&P 500 Technical Forecast
The S&P 500 is struggling to find any significant sponsorship, and on that it is set up to trade lower in the week ahead. Last week the market moved sideways, with the breakdown low nearby at a level of 4381.
At this juncture it is difficult to say how far the S&P 500 could decline, but one of the first lines to watch is the slope off the Feb 24 low. It is a good bit lower, currently clocking in sub-4300 at this time. To turn the picture back bullish we will need to see the 200-day reclaimed and a rally hold.
S&P 500 Daily Chart
Nasdaq 100 Technical Forecast
The Nasdaq 100 is treading water and doing so at much lower relative levels than the S&P 500 and Dow. Look for the NDX to be a leader on the downside. Short-term levels to watch are 13882 and 14307 on the top-side. It may not take long to revisit the March lows at 13020.
Nasdaq 100 Daily Chart
Dow Jones Technical Forecast
The Dow Jones is in a little better shape than the Nasdaq 100, but still pointed lower. Watch how the low at 34102 gets treated along with 34k, it’s an actual level not just psychological. If 34k gets undercut then look for the March lows to start coming into play. On the top-side watch Friday’s high at 34889 and then the 200-day at 35018.
Dow Jones Daily Chart
Resources for Forex Traders
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