Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Look to Pull Back?

NASDAQ 100 Technical Analysis

The Nasdaq 100 is slightly positive in pre-market trading, but quite frankly, it’s not looking extraordinarily bullish, and with the higher interest rates, it wouldn’t surprise me at all to see this give up some of the strength and perhaps pull back a bit.

Ultimately, this is a market that, given enough time, I think does need to make a bit of a significant pullback in order to offer value. We are just far too overstretched, and at this point, I don’t know why you would chase. The 26,275 level is an area that I think could be supported, as it was previous resistance, and, in this environment, I think that continues to be an area that you have to watch very closely.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues to consolidate just above the 49,000 level. That’s an area that is a large, round, psychologically significant figure and an area that’s been important multiple times. If you look at the chart, you can see that we are forming a bit of a bullish flag, but really, at this point, I think one of the things that we need to see is the bond market calms down, and rates come down.

If we see this market break down below 49,000 then we may make a run towards the 50-day EMA.

S&P 500 Technical Analysis

The S&P 500 is a little bit more neutral heading into the trading session, but when you look at things, the 7,000-level underneath, I believe, is the floor in the market and will continue to be an area that people watch very closely.

As long as we can stay above there, I think the S&P 500 looks extraordinarily bullish, it’s just that you don’t want to chase it after a run like we just had.

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