NASDAQ 100 Index, S&P 500 and Dow Jones Forecasts – US Indices Quiet in Premarket Tuesday Session

NASDAQ 100 Technical Analysis

The Nasdaq 100 is sitting right still during the early hours here on Tuesday, as on Monday, we broke above the top of a major channel. It looks like we are going to at least attempt to break out in an impulsive move to the upside. Given enough time, I think that is what happens, but short-term pullbacks are still very possible. I think that’s probably going to be the case with the markets starting to get pretty significant earnings over the next couple of days. And quite frankly, it only needs a little bit of help to drive it higher, especially now that the United States and China seem to be closer to a deal.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rallied in pre-market trading yet again, as it looks like we are reaching toward the 48,000 level. Pullbacks should see plenty of support near the 47,000 level, which was a previous barrier, and of course, a large, round, psychologically significant figure. The 50-day EMA continues to track along the uptrend line, which, in my opinion, makes it even more impressive as a support level. All things being equal, the Dow Jones 30 is steady and positive.

S&P 500 Technical Analysis

The Standard & Poor’s 500 index looks as if it is going to be somewhat flat at the open, but this is actually a bullish sign considering just how strong it was during the previous session. This means traders might be comfortable with these elevated levels. And that of course, is something to be happy with. The market pulling back at this level could open up a move to fill the gap and drop towards the 6,800 level, where we closed on Friday, but really at this point in time, I think that only ends up being a buying opportunity and what is obviously a very strong uptrend. Ultimately, I think the S&P 500 is trying to get to the 7,000 level above, and it’s just too juicy a target and only about 125 points away at this moment. So, one would think that most traders are aiming for it.

For a look at all of today’s economic events, check out our economic calendar.