Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Slow to Kick Off Week

Nasdaq 100 Technical Analysis

The Nasdaq 100 initially rose a bit in early pre-market trading on Monday, but you can see that the market has been very bullish for quite some time, and I think the 30,000-level underneath is a major level that a lot of people will be watching. The Nasdaq, of course, is getting a bit of a boost from recent shrinking interest rates in America, but that doesn’t necessarily mean that we are ready to start jumping from here. Ultimately, this is a market that anytime we drop, I’m looking to buy it.

Dow Jones 30 Technical Analysis

The Dow Jones 30 broke out to a fresh new high early. It is giving those gains back, but to me, this looks like a market that’s probing higher. If rates in America can start to drop again, that really should help things to go to the upside here. The 50,000 level for me is a major floor in this market. I don’t even think we will get there today, but it is something to watch if we were to continue to see selling pressure. 51,500 is my target.

S&P 500 Technical Analysis

The S&P 500 is slightly positive in the early part of the trading session. I think ultimately, we will eventually see buyers jump in on any type of dip with the 7,500 level being a major floor in the market in the short term. If we were to break down below there, then I think we could pull back pretty significantly. But over the longer term, I think we will go looking to the 7,700 level, but it will be noisy along the way to our destination.

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