NASDAQ 100 Index, SP 500 and Dow Jones Forecasts – US Indices Slightly Positive in Early Premarket Trading

NASDAQ 100 Technical Analysis

The Nasdaq 100 has risen slightly during the pre-market trading on Wednesday, as it looks like we are trying to sort out whether or not we can stay above the crucial 21,000 level. The 21,000 level, which, of course, is a large, round, psychologically significant figure, is also an area where we have seen a lot of interest previously. So, we’ll have to see whether or not it holds, but at this point, it looks like we can rise above 21,600, we will probably continue towards the recent all-time highs near 22,000 as traders begin to really start to chase performance here.

Dow Jones 30 Technical Analysis

The Dow 30 has pulled back just a bit in the early part of the session on Wednesday as well, but just like we had seen in the NASDAQ, buyers have stepped back in order to keep things afloat. The 42,800 area above is a significant resistance level that I think we’ll be aiming for. And if we can break above there, then we can really take off, perhaps reaching 43,500, followed by 45,000. The 42,000 level looks to be short-term support as we speak.

S&P 500 Technical Analysis

The S&P 500 has pulled back just a bit as well, only to again, find buyers in pre-market trading. The market is sitting above the 5900 level, and I think the 5800 level is a massive support. The question at this point I think now is going to be whether or not we can break above the 6000 level. I do think it happens given enough time, but I also recognize that there are a lot of traders that will be a little hesitant to chase all the way up here. However, you should also keep in mind that there are a lot of traders who will have to chase the market after missing this entire rally. With that being said, it’s almost like a feeding frenzy at this point in US indices.

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