NASDAQ 100 Index, S&P 500 and Dow Jones Forecasts – US Indices Look Slightly Positive in Premarket

NASDAQ 100 Technical Analysis

The NASDAQ 100 shows signs of strength, but really, at this point, it shouldn’t have been a huge surprise, as we had pulled back just a bit, only to touch the top of the channel that we had been in previously. With that said, the market continues to see a lot of sideways action as we try to build the necessary momentum to break out to the upside. The 26,200 level, getting broken to the upside, opens up the possibility of a move to the 27,000 level. If we do break down from here, the 25,000 level ends up being a major support level.

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially tried to rally, only to give back some of the gains here early in pre-market trading, but quite frankly, I think the Dow Jones 30 is just in a period of consolidation at the moment. As we are sitting just above the 47,000 level—an area that previously had been resistance—and if we were to test that area, I would anticipate buyers coming in to pick up a little bit of value. If the market can break above the 48,000 level, then I think the Dow Jones 30 goes higher.

S&P 500 Technical Analysis

The S&P 500 has been ever so slightly positive during pre-market trading, but really at this point, I think we’re just consolidating just above the 6,800 level, looking for some type of rally to occur or for that matter, just support to hold. This is a market that’s been in a nice uptrend for quite some time, and I don’t see that changing anytime soon, despite the fact that there’s a lot of uncertainty out there when it comes to the forward direction. But really, at this point, it looks like it’s more or less a momentum play, and therefore, the upside is the only side at this point.

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