We will start of with S&P 500, which is facing its strongest resistance. We can also see that S&P 500 has done a sharp V movement from the bounce, which is typical for this index. If we break the resistance upwards, there is a huge chance that we can be attacking new ATH soon. At this point in time however, we cannot be sure whether this movement is part of the correction or new upside movement that should test the ATH. That is also what this resistance will decide.
S&P 500 1D chart, Source: Author´s analysis, tradingview.com
Technology index Nasdaq has seen the biggest downward movement from all the indices. It fell down about 22 % from its ATH. Its retracement as well as the upside movement is not the strongest. Technology stocks in general are having a rather difficult beginning of the year, which was highlighted by Meta, with its biggest sharp drawdown. Yet, Nasdaq is slowly reaching its resistance level, where the future movements of the index will be decided.
Nasdaq 1D chart, Source: Author´s analysis, tradingview.com
This index has seen the strongest upside movement and is at its resistance levels. Moreover, from this resistance it is really close to the ATH levels and thus this resistance will decide whether we can see new ATHs soon, or whether we can expect more downside.
Dow Jones 1D chart, Source: Author´s analysis, tradingview.com
All the major US indices are at crucial resistance levels. Three main factors might be affecting them in the short term period. These are the Ukraine-Russia conflict, inflation and interest rate hikes. The inflation numbers will be released today, which can be followed with strong moves to either side and can also tell us more about what the Fed will do in the coming meeting.