Nasdaq 100, Dow Jones 30, and S&P 500 Forecast – Dow Eyes 53,000 Breakout While Nasdaq Tests 28,500

NASDAQ 100 Technical Analysis

The Nasdaq 100 has drifted lower during the early part of the trading session on Tuesday as we continue to see the Nasdaq really struggle. Ultimately, at this point in time, interest rates being elevated do not do any favors for technology stocks, and it is probably worth noting that we have recently made a fresh new low.

With that, technically speaking at least, things are pretty ugly. The 28,500 level above is a bit of a barrier based on the fact that market memory dictates that what was once support should become resistance. We’ll have to wait and see if that plays out on any bounce.

Dow Jones 30 Technical Analysis

The Dow Jones 30, on the other hand, has been very strong and is threatening to break above the highs of the previous session before we even get to New York trading. The 53,000 level could be a target. The 53,000 level had been a swing high, and when you look at this chart, it’s hard not to notice that the 50-day EMA has acted like a bit of a trendline in what looks very much like a 45-degree bullish channel. There are plenty of buyers every time the market dips, it seems, and therefore a very bullish-looking chart to me.

S&P 500 Technical Analysis

The S&P 500 continues to dance around the 50-day EMA, bouncing from an uptrend line in what could be an ascending triangle. It’s still early to call that, but it certainly looks like a market that’s at least trying to stay somewhat elevated.

Markets are paying close attention to the 7,500 level above. That’s an area that previously had been resistance, so we’ll see if that continues to hold. If we break down below the last couple of days, the next major support level appears to be at the 7,300 level.

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