S&P 500, Nasdaq, Dow Jones Forecast: 200 DMAs in Play
The S&P 500 found support at its 200-day moving average this morning, while the Nasdaq has its own 200 dma as key resistance and the Dow as key support.
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The S&P 500 found support at its 200-day moving average this morning, while the Nasdaq has its own 200 dma as key resistance and the Dow as key support.
Stocks put in a reversal mid-day in yesterday session but were able to grasp on to key supports today. The next major driver is CPI on Thursday.
Equities are ranging and the S&P is coiling into a tighter consolidation formation as a symmetrical triangle has built inside of a rectangle formation.
It’s been a blistering year for equities with solid price action trends on both sides of the equation, but inflation remains a problem going into 2023.
It was a bearish year for stocks but the swings were aggressive on both sides, offering setups on both sides to swing traders as a new theme took over markets in 2022.