Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Continue to See Value Hunters

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially drifted lower during the opening few overnight hours on Tuesday, but we have seen buyers come back into the picture trying to push the Nasdaq 100 higher. This is a market that continues to see plenty of support on dips, and I think at this juncture, the short-term floor in the market is probably the 30,000 level.

As long as we can stay above there, it opens up the possibility of a market going higher, and I do think that the overall momentum stays to the upside. So, I like buying dips just as we have seen early in the morning.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has fallen, and unlike the Nasdaq 100, it hasn’t turned around, and therefore, I think you’ve got a situation where traders are looking at short-term pullbacks as buying opportunities, but we haven’t found the support yet. I think it’s probably a little closer to the 50,500 level, but nonetheless, I’ll watch short-term charts. If we get a V-shaped pattern, I might buy the right-hand side of it in order to take advantage of cheaper contracts. I do believe that the Dow Jones 30 continues to go much higher.

S&P 500 Technical Analysis

The S&P 500, much like the Nasdaq 100, pulled back a bit early in overnight trading, but it has turned around to show signs of life, and I think you’ve got a situation where we are still finding buyers willing to get involved anytime it drops. The S&P 500 has a lot of the same major stocks moving the Nasdaq 100 these days, basically AI stocks.

So, as long as that’s the case, I think it will behave like the Nasdaq 100 in the sense that it is stretched far enough, but reality is that buyers want to take advantage of any dip they can.

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