Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Slide Early on Tuesday

NASDAQ 100 Technical Analysis

The NASDAQ 100 tried to rally in electronic trading at the beginning of the session on Tuesday but has since fallen as interest rates in America continue to just shoot straight up in the air.

At this point, something will break. I don’t know if it’ll be the NASDAQ, but it certainly is going to be something. With that, I’m watching the 28,500 level to see if that offers support. To the upside, the 29,500 level is a bit of a target.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is continuing to be very choppy in general, and we are sitting in the middle of what I think could be a bit of a range between the 49,000 level on the bottom and the 50,000 level on the top. Ultimately, I think this is a market that will continue to see a lot of questions asked of the 50,000 level. I think it would take something a little bit special to break above there.

One thing that’s not helping will be the interest rates, and they continue to climb. So, I think we’re stuck in this range for a while, which is fine, as long as you know how to trade a range and you can be nimble enough to take advantage of it.

S&P 500 Technical Analysis

The S&P 500 has fallen a bit during the early part of the session, and it looks to me like the 7,300 level is an area that I think people will be watching to see whether or not that holds as support. If we pull back there and bounce, I’d be interested in buying the S&P 500. It’s obviously in an uptrend, and clearly, shorting it has been a good way to lose money as of late.

So, with that being the case, I remain bullish but might let the S&P 500 pull back just a bit in order to offer a bit of value.

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