Wednesday, October 30, 2024
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S&P 500, Nasdaq 100, Dow Jones Forecast for the Week Forward

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Indices Technical Forecast: Impartial

  • Unstable week leaves markets in limbo, coming week might be massive
  • S&P 500, Nasdaq 100, Dow Technical ranges to look at within the week forward

Really useful by Paul Robinson

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S&P 500, Nasdaq 100, Dow Jones Forecast for the Week Forward

The S&P 500 was quiet forward of CPI, however on the more severe than anticipated print the market tanked and rallied sharply. The reversal following a robust down transfer decrease brings into play the likelihood {that a} rally may develop from right here.

Friday’s weak point weakened that notion a little bit, however volatility is to be anticipated on this setting. The 3600 stage may come into play as an necessary one. A break under final week’s low at 3491 will put a bullish outlook on its heels, however provided that it may be sustained. A small breach and reversal once more may very well strengthen the upside – value motion pending.

It’s a risky market so it’s day-to-day typically occasions in assessing it. The clear downward pattern since mid-August provided good readability, however given we’re prolonged and seeing a pointy uptick in two-way commerce, it will get harder to have robust conviction both approach.

On the upside, we may see the trend-line from the summer time excessive examined, however will first want to interrupt above 3712. It’s unclear at this juncture how a rally may unfold, however typically talking solely seeking to play evenly from the lengthy aspect because it does seem now we have extra in retailer on the draw back because the bear market seems to have a lot additional to go. Till we see a real panic transfer decrease that is seen because the case. Clearing rallies from contemporary lows will occur, however these is not going to seemingly final quite a lot of weeks at a clip.

S&P 500 Every day Chart

S&P 500 Chart by TradingView

Nasdaq 100 Technical Forecast

The Nasdaq 100 continues to be behind and might want to catch up quickly and play chief if we’re to see a rally develop and even develop legs. There’s a strong channel from the summer time excessive in play, will proceed to make use of that as a information.

Nasdaq 100 Every day Chart

Chart, histogram  Description automatically generated with medium confidence

Nasdaq 100 Chart by TradingView

Dow Jones Technical Forecast

The Dow Jones has been stronger than the opposite indices because it held above its September low. Watch the realm round 29650 within the near-term. The low at 28660 wants to carry or no less than not be breached for very lengthy with a view to preserve the upside alive.

Really useful by Paul Robinson

Traits of Profitable Merchants

Dow Jones Every day Chart

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Dow Jones Chart by TradingView

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—Written by Paul Robinson, Market Analyst

You’ll be able to observe Paul on Twitter at @PaulRobinsonFX





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