#INDICES Forecast: #DowJones,#NASDAQ,#DAX & #SP500 (27 OCTOBER 2022)

Posted by Clara Mellor on 22:57 with No comments

Dow Jones Industrial Average:

On the H4 chart, the overall bias for DJI is bullish. To add confluence to this, the price is above the Ichimoku cloud which indicates a bullish market. Overnight, price had massive bullish momentum upwards due to the weakening of the DXY. Price has tapped into the 1st resistance at 31896.61, where the 61.8% and 50% Fibonacci lines are and is currently resting under it. If this bullish momentum continues, expect price to possibly break above the 1st resistance at 31896.61 and head towards the 2nd resistance at 34293.93 where the previous swing high and 100% Fibonacci line is located.

Areas of consideration:

  • H4 time frame, 1st support at 29653.29
  • H4 time frame, 1st Resistance at 31896.61
  • H4 time frame, 2nd Resistance at 34293.93

DAX:

On the H4 chart, the overall bias for DAX is bearish. However, price has now closed above the Ichimoku cloud which indicates a change to bullish market momentum. Expecting price to possibly continue this bullish momentum and head towards the 1st resistance at 13490.91, where the 78.6% Fibonacci line is located. If the 1st resistance is broken, the 2nd resistance could be at 14717.44, which is in line with the previous swing high. Alternatively, the price may drop to the 1st support at 12548.42, which is in line with the swing low.

Areas of consideration:

  • H4 time frame, current price
  • H4 time frame, 1st resistance at 13490.91

S&P 500:

On the H4 chart, the overall bias for S&P500 is bearish. However due to the weakening of the DXY, S&P500 had bullish momentum during the course of this week. Overnight, price has consolidated above the 1st support at 3811.03 where the 38.2% Fibonacci line is located. If this bullish momentum continues, expect price to possibly head towards the 1st resistance at 4016.04 where the 61.8% Fibonacci line and 23.6% Fibonacci projection line is located.

Areas of consideration:

  • H4 time frame, 1st support at 3811.03
  • H4 time frame, 1st resistance at 4016.04


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