Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Trying to Break Even Higher

NASDAQ 100 Technical Analysis

The Nasdaq 100 looks like it is a little bit positive in early trading here on Tuesday as we are trying to break out of a significant consolidation range and go racing towards the highs. I think at this point in time, we probably are going to do that. With that being the case, I am mildly positive here. I think short-term pullbacks offer buying opportunities as long as we can stay above the 25,000 level.

The 25,000 level of course is a large, round, psychologically significant level that will attract a certain amount of attention in and of itself, and therefore, I think you have to look at it through the prism of a floor in the market. Pay attention to interest rates. That obviously has a major influence on what happens next. The 4.30 level seems to be a trigger of sorts for bullish or bearish behavior. All things being equal, though, there’s nothing on this chart that has me concerned.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has shown itself to be rather noisy, to say the least, as traders are looking at this as a potential breakout. If we can get above the 48,350 level, then it opens up the next leg higher. The Dow typically lags the Nasdaq a little bit, so this wouldn’t be a surprise if it took a moment to get moving, but it certainly looks like we are trying to find buyers.

Again, all of the usual problems arise. For example, you have to keep an eye on the latest news coming out of the headlines and, of course, any tweets or comments made by various people around the world, specifically the US president.

S&P 500 Technical Analysis

Finally, the S&P 500 looks like it is ready to continue going higher, but it did have a pretty wild swing during the day on Monday, so don’t be surprised if this takes some time. Short-term pullbacks I think continue to see support down at the 6,800 level. So, I think, your floor is followed by the 50-day EMA. 7,000 would be a target, as there was massive resistance previously. If we can break that, it would be a very big deal. I don’t like shorting any of these indices, and the S&P 500, of course, will be no different.

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