NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Soften Early on Monday

NASDAQ 100 Technical Analysis

The Nasdaq 100 has pulled back just a little bit in the early hours on Monday as we continue to dance around the 20,000 level. It is worth noting that we are sitting here at the 200 day EMA as well, so that could come into the picture to perhaps offer a little bit of support. Underneath there we have the 50 day EMA, which is closer to the 19,550 level, curling to the upside. We’ll just have to wait and see how that plays out.

Dow Jones Technical Analysis

The Dow Jones 30 of course has hold back as well, it is below the 50 day EMA and now it looks like we are going to try to get down to the 40,900 level. That’s an area that should be supported. Again, at the 40,100 level, I would expect to see support as well. To the upside, if we could break above the 200 day EMA, then the 42,000 level could be the potential target going forward.

S&P 500 Technical Analysis

The S&P 500 has pulled back as well, as we are trading between the 200 day EMA and the 50 day EMA and just above the 5,600 level. The 5,600 level has been very crucial multiple times in the past. So, I think that is something worth paying attention to. To the upside, the 5,800 level would be a little bit of a barrier that also serves as a nice target. So, we’ll have to wait and see. We are most certainly bullish as of late, but maybe a little overdone to the upside. And that might be part of what you were seeing that we are just simply trying to work off some of that excess froth.

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