Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Looking for Buyers Early

NASDAQ 100 Technical Analysis

The Nasdaq 100 has gone back and forth during the early part of the trading session here on Monday as we continue to hang around the 29,000 level. The 29,000 level is an area that I think a lot of people will be watching very closely, as it is a psychologically important figure, but it’s also an area that has already shown itself to be important a few times in the past.

Breaking down from here opens up the possibility of a move down to the 28,000 level, but I think a bounce from here just leads us back into consolidation that we saw all last week.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has fallen early during the session, but it looks like the 49,000 level is going to continue to be a bit of a floor. Bouncing from there opens up the possibility of a move to the 50,000 level. If we break down below the 49,000 level, then the market is likely to test the 50-day EMA. Breaking down below there opens up a possible move down to 48,000, but I think ultimately, we are in a market that is probably going to bounce a bit here and just go sideways.

S&P 500 Technical Analysis

The S&P 500 has fallen a bit as well, but like the other indices, it does look like there are buyers a little bit later in the session in pre-market trading, and it looks like we’re going to try to turn around and get back to the 7,500 level.

If we do not hang onto this, the 7,300 level could be your short-term floor. I do think ultimately, we are still bullish, but we’re obviously overbought, I believe, in all three indices.

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