NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Attempt to Bottom

S&P 500 Technical Analysis

And in the S&P 500, the hammer that was formed during the Tuesday session might be the first signs of the market trying to recover, and the Wednesday session looks like it’s more of the same. The catch, of course, is we have an inverted hammer from the Monday session, which shows a lot of confusion, so I am still cautious about the S&P 500, although I certainly favor the upside.

The 6000 level, of course, is a large, round, psychologically significant figure that comes into play right along with this 50-day EMA. All things being equal, though, I’d be a buyer, not a seller, of S&P 500, understanding that the earnings season is going to continue to cause a lot of noise.