Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Working Through Earnings Season

NASDAQ 100 Technical Analysis

The Nasdaq 100 looks as if it is, in fact, trying to find a way to the upside, but we’ll just have to wait and see whether or not it can hang on to these gains as a lot of traders are looking at this through the prism of whether or not interest rates will continue to be a problem. It is worth noting that they are flattening out a little bit early during the session, so the Nasdaq has had a little bit of a chance to rally. We are in the middle of earnings season, so that, of course, has its own influence, but I think short-term pullbacks continue to offer buying opportunities.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks as if it is trying to bounce a bit, although it doesn’t have as much momentum. The 49,000 level is an area that I think a lot of people will be watching very closely to see whether or not it can continue to be an area of importance.

It has been both support and resistance in the past and so far, it looks like it’s hanging on. In fact, I look at this as a market that is trying to go into consolidation between 49,000 and 50,000, so with that being the case, more of an upward bias here.

S&P 500 Technical Analysis

The S&P 500 has rallied a little bit during the session in the early hours of Tuesday, but I think you still have a scenario where traders are trying to sort out whether or not we will be able to continue the upward trajectory. This is a market that, quite frankly, has been very strong for some time and did work off some of the froth. I think ultimately you have a floor at the 7100 level, but we aren’t anywhere near that. I think this is a short-term dip buying opportunity just waiting anytime it does wiggle a bit.

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