End of week US stock market outlook – S&P 500, Nasdaq and Dow Jones charts
BY
Ben Graham
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US Equities keep up their positive performance with each of them finishing at or close to their highs, with the Tech-heavy Nasdaq taking the lead yet again.
With the most recent Federal Reserve cut and positive acquisition news as seen in yesterday's US Index piece, sentiment is at its highs again.
Both the Dow Jones and S&P 500 have yet to break their yesterday highs and it will be interesting to see if they manage to do so towards the daily close or next week.
In addition to the PBoC (China's Central Bank) which releases its own rate decision (major support to the economy is expected, traditionally positive for equities), Markets will assist to many FED Members' speeches as the Blackout period is now over, and it will be very interesting to see what they have to offer.
Miran is officially the most dovish member with FED Governors Waller and Bowman conceding their seat – Have a look at the busy Sunday to Monday speaker calendar
(Check out more on what's to come with our Week Ahead piece, coming up very soon).
Markets might be overlooking the more balanced-approach from Powell to the future rate cut outlook, as every-optimistic mood keeps pushing equities higher.
The Dot Plot did signal some extra 50 bps of easing throughout the end of the year, but the cut wasn't such a dovish one when looking at the details of what Powell said – For now, the US Dollar is the one coming back higher from the decision.
You can discover more on this right here.
The picture is not as impressive as yesterday, but Bulls will always enjoy strong performance from names such as Apple, Oracle and Tesla.
A Daily outlook for S&P 500, Nasdaq and Dow Jones before taking a closer look
Read More:
Let's take a look at intraday charts and levels for the S&P 500, Nasdaq and Dow Jones.
Technical outlook and levels for the 3 Main US Indices
All three indices are in a seemingly unstoppable move since the beginning of September. Let's try to look at the extent of the moves and potential levels of interest for each index as price discovery continues.
S&P 500 4H chart and levels
Watch the middle of the upward channel that will need to be broken to the upside to maintain a more bullish intermediate outlook!
Similar as the Dow Jones, the price action looks a bit hesitant at the highs despite a very decent week.
S&P 500 Trading Levels:
Resistance Levels
Support Levels
Nasdaq 2H chart and levels
The Nasdaq is actually the only index printing fresh all-time highs today, however the action seems a bit hesitant.
A momentum divergence might be showing up on the 2H RSI but looking at the past close, confirmation candles would be required to confirm any action.
For now, the mood in tech is positive – Let's see what players do towards the weekly close and next week's open.
Nasdaq technical levels of interest
Resistance Levels
Support Levels
Dow Jones 4H chart and levels
Price action is still very hesitant to break the upward trendline of the Ascending wedge, and stays one of the biggest limitation to the US index.
Watch momentum as the session moves forward.
Levels for Dow Jones trading:
Resistance Levels
Support Levels
Safe Trades!
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