Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Continue to Look Bullish Despite Drift Lower in Premarket

NASDAQ 100 Technical Analysis

The Nasdaq 100 has shown itself to be resilient again in the early hours on Wednesday after we initially dropped a bit, only to turn around and show signs of strength. All things being equal, the 31,000 level above is a target, I think in the short term.

And I think short-term pullbacks open up the possibility of traders getting involved and watching the 30,000 level offer a bit of a floor. The 31,000 level for me, I think, is just a small bump in the road here as we continue to go to the upside.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back early on trading during the session on Wednesday, as market participants continue to see a lot of noisy behavior. And I do think that the 50,000-level below is a major floor in the market, which of course is an area that previously has been important.

The 50,000 level is a large, round, psychologically significant figure, so it makes for good headlines. I think at this point in time, as we pull back, we look for a bounce that we can take advantage of.

S&P 500 Technical Analysis

The S&P 500 is slightly negative in early trading, bucking the trend of following the Nasdaq 100, but all things being equal, the 7,500-level underneath is a significant support level. It’s a previous resistance barrier.

All things being equal, the market is likely to continue to see a lot of volatile, choppy moves, but I think what we’re seeing now is more or less people trying to work off some of the excess froth getting here.

And of course, we have the jobs number coming out on Friday, and that is going to, I think, put the market in a little bit of a stasis between now and that extraordinarily important announcement.

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