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

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied a little bit in the early hours as we are trying to find a reason to continue to go higher. That being said, rates are horribly strong right now and that will continue to work against the value in the idea of owning equities. However, it’s also worth noting that there is the artificial intelligence boom that everybody is trading and that of course has a major influence here in the Nasdaq 100. I think you want to see sideways to lower reaction to pressures, as the market will continue to pay attention to the Friday session, as is the case with the jobs report.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back a bit during the early part of the trading session as we continue to hang around in the same consolidation range between 49,000 on the bottom and 50,000 on the top. If we can break above the 50,000 level, then it’s likely that this market really starts to try to take off. Ultimately, short-term pullbacks should be buying opportunities, and I’m very interested in buying this market after a day or two of negativity.

S&P 500 Technical Analysis

The S&P 500 gave back initial gains, and at this point, I think it is probably going to lead the way lower. Although when I say that, I don’t mean to make it sound like there’s going to be something bad or difficult for the market to deal with. I think it’s just a pullback in a market that is overbought. My interest is definitely peaked somewhere right around the 7,300 level. A bounce from there would be a nice setup from what I see.

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