Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Start the Week on the Right Foot

NASDAQ 100 Technical Analysis

The Nasdaq 100 looks as if it is trying to recover early in pre-market trading. As we find ourselves right at the 200-day EMA, it will be interesting to see whether or not we actually can continue to recover. With all of the noise geopolitically going on, it is a bit of a miraculous feat.

This 200-day EMA indicator could cause a bit of a barrier, so I will be watching to see whether or not we can clear the 24,400 level. A move above that level could be rather strong in the assertion that buyers are coming in to pick up the market.

Overnight action has been choppy, initially gapping lower, turning around, and shooting straight up in the air before pulling back yet again. Now, it looks like we are settling on a positive but maybe somewhat muted open.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues the fight at the 200-day EMA as well, with the 200-day EMA attracting a lot of attention. Just above there, we have the 47,000 level, which is also an area where I would expect to see a bit of trouble. Pullbacks at this point in time should continue to find buyers near the 45,750 level, as we have seen multiple times in the past.

S&P 500 Technical Analysis

The S&P 500 pierced the 200-day moving average in pre-market trading. The question now, of course, is whether or not we can continue to the upside. We are in the midst of forming a nice V pattern on the daily chart, and that, of course, could be a good sign. We will just have to see whether or not risk appetite returns, but so far, it looks like the buyers are willing to fight for price, and that will help the market move along.

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