Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Stall in Early Hours

NASDAQ 100 Technical Analysis

The Nasdaq 100 looks like it is just basically hanging out at the moment with the market just reaching the 25,850 level in pre-market trading, but it has done it far too quickly. I do suspect there is probably a pullback in the works here. I would be very interested in the crucial 25,000 level if we do in fact fall that far.

Keep in mind a lot of this is trying to front run the idea of peace in the Middle East. If that falls apart, that obviously will have a major problem baked into the market. To the upside, we have the 26,275 level. We will be watching that; it is an area that has been like a brick wall.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is very quiet in pre-market trading. 48,000 sitting just below could offer support, 49,000 above is resistance. I think a short-term pullback makes more sense than not. I do not necessarily want to chase this index all the way up here, so I will be looking for a little bit of value. The 50-day EMA at 47,592 also offers support at the moment.

S&P 500 Technical Analysis

The S&P 500 finds itself right near that all-time high at 7,000 that we had been touching and testing right before the war. So we have wiped out all of the losses. That being said, we got here so quickly I think it is going to be difficult to just simply punch through this level. It is not that it is impossible; it is just that it is less likely than a pullback.

I am looking at any pullback at this point in time as a potential buying opportunity, especially if we get anywhere near the 6,800 level, but honestly, I do not even think we will pull back that far. I am bullish; I just recognize that 7,000 is a major barrier to deal with at the moment.

If you’d like to know more about chart patterns and how to trade them, please visit our educational area.