Dow Jones, S&P 500, Nasdaq 100, technical analysis – a week ahead
- Dow Jones the ascent slows as the rate of ascent slows
- S&P 500 futures trading within a rising wedge
- Nasdaq Looking at the main moving averages, the game maintains 100 uptrends
Dow Jones Technical Analysis
The Dow Jones will continue to consolidate to an all-time high on August 16thth at 35547. Momentum appears to be decelerating considerably from the end of June in the context of the near-term upward trend, as expected from my last technical observation, 3 major US stock indices. However, the wider increase from last year remains at stake.
Cart Rising wedge Graphic design seems to be at stake. Although the prospects may be rising within the wedge, the breakage of the negative sides may open the door to retract the material. Such a result may focus on a 200-day moving average. Otherwise, continuing the uptrend would increase by 38.2% at Fibonacci extension 36357.
S&P 500 Technical Analysis
S&P 500 futures are also on an upward trend, although the pace of growth continues to slow. This is illustrated by the negative RSI discrepancy in the daily graph below. This can sometimes precede a lower turn. Neutral Doji the candlestick pattern lagged behind on September 3rdrd Close. This is a sign of indecision, which may occasionally precede an ascent.
However, Doji can pass without negative tracking without much noise. S&P also finds itself on the ceiling of a steep rising wedge. This may precede a decline towards the wedge floor, where a wider uptrend may come into play. The 100% Fibonacci extension at 4611 is fast approaching, 123.6% at 4748.
Nasdaq 100 Technical Analysis
Nasdaq 100 futures recently closed at an all-time high, continuing the broader upward trend from last year’s lows. There is also a negative difference in RSI, indicating that the rate of increase is fading. However, short-term 20- and 50-day simple moving averages remain higher. From here, the index can fall by as much as 4.3% before touching the latter.
As such, there may be room for short-term adjustment before the broader trend increases again. With a lower turnaround, 14710 could come into play as the main fulcrum, which was low in August. In addition, it is July 19th low, 14445. Otherwise, as the upward trend continues, a 61.8% Fibonacci extension has been viewed at 15731. Above that, the 7880% level is at 16080.
– Written by Daniel Dubrovsky, Strategist For DailyFX.com
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