Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Pull Back Early as Traders Return from Holiday

NASDAQ 100 Technical Analysis

The Nasdaq 100 pulled back just a touch during the trading session here on Tuesday but looks like it’s trying to rally as New York wakes up. I think at this point in time, we will make a serious attempt to get to the 30,000 level, but whether or not we can break through there remains to be seen.

This is a market that will remain very noisy and choppy. It’s very bullish. I think ultimately it remains a buy on the dip type of situation, especially if rates in the US can continue to drift lower like they have.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back. I think part of this might be due to the fact that it was overdone anyways. I think this pullback is healthy. We could see a move back to the 50,500 level, which would fill the gap, offering a potential buying opportunity on a bounce.

If we can take off from here, the 51,000 level above is a barrier that if broken opens up a much, much bigger move to the upside. Again, I think part of it is the rate story, but this was one that was overdone to begin with.

S&P 500 Technical Analysis

The S&P 500 finds itself a little bit soft in pre-market trading, but it did just pull back from all-time highs. Keep in mind Monday was a holiday, so it’ll be interesting to see how the actual underlying index reacts today.

I think overall what you will have is more likely than not a lot of buying of the dip behavior, and in that environment, I do like the S&P 500 to go looking at the 7,600 level before it is all said and done.

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