US Equities Forecast: Nasdaq 100, S&P 500, Dow Jones Price Setups
Sep 11, 2020 (MENAFN via COMTEX) —
(MENAFN – DailyFX) Dow Jones, S & P 500, Nasdaq 100 Outlook:
Nasdaq 100 eyes Fibonacci Resistance S & P 500 – Stochastic nears Oversold Territory Dow Jones Index Sentiment remains Bearish Equities Remain Under Pressure
After a grueling week for US equity indices , bulls were unable to maintain the uptrend which has persisted despite the looming global economic crunch. After the Nasdaq and S & P 500 reached all-time highs in the beginning of September, the much anticipated pullback soon came into play, resulting in two consecutive weeks of losses. From a historical perspective, September is known to produce high volatility and with that being said, for the duration of the month, price action may be of particular interest as the US Presidential Election nears.
Fundamentals will also likely play a role as both uncertainty regarding further stimulus measures and the upcoming elections are additional factors to consider.
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Nasdaq 100 Technical Analysis
This week, tech stocks plummeted; resulting in a pullback to a key level of support , formed by the 50% retracement of the June low to the September high. This comes after the occurrence of a MACD crossover from above the zero-line on 3 September, indicating that the trend could reverse in the short-term.
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NASDAQ 100 Daily Chart
Chart prepared by Tammy Da Costa , IG
Meanwhile, the 50% retracement level, combined with the psychological level of