Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – Markets Stabilize Post-Attacks

NASDAQ 100 Technical Analysis

The NASDAQ 100 has fallen a bit during the trading session initially on Monday, but there are buyers out there willing to get involved and lift the market. We are just above the 50-day EMA, an indicator that a lot of people watch closely, and I think a lot of people will be looking forward to the idea of trying to take advantage of what had been a strong trend previously, but recently we’ve seen a little bit of sideways action.

That sideways action, I think, is part of what will perhaps keep this market somewhat bullish in the sense that we’re working off some of that overbought excess froth from earlier in the year. Furthermore, you can see that there is significant support at 28,500, so I think that may be the floor regardless. I do think we are trying to squeeze higher.

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially fell during the day but has flipped over to positive already, even before the US session, and it looks like the 53,000 level is an area we may be aiming for. 52,000 underneath should remain supported, and I think this is very much the same story that we see on the NASDAQ in the sense that this is a longer-term uptrend and we are just simply seeing a little bit of normalized consolidation and what is going to be a longer-term move to the upside.

S&P 500 Technical Analysis

The S&P 500 initially fell during trading on Monday, but it looks like we are doing everything we can to perhaps try to break higher towards the 7,600 level. The 7,600 level of the course is an area that is a large, round, psychologically significant figure and an area that I think probably causes a few headlines.

Whether or not we truly take off to the upside, I think, remains to be seen, but you could make an argument for more of a buy on the dip strategy going forward. I think 7,500 ends up being a bit of a short-term floor.

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