NASDAQ Index, Dow Jones and S&P 500 Forecasts – US Indices Continue to Trade in Range

Nasdaq 100 Technical Analysis

The Nasdaq 100 has pulled back just a bit during the early hours here on Monday as the 25,000 level continues to be a little bit of a barrier. If we can break above there and perhaps more specifically the 50-day EMA, I anticipate that the Nasdaq 100 will try to get back towards the 26,275 level where it peaked previously.

Short-term pullbacks are possible, but I think they are very well supported all the way down to at least 23,800, with the 200-day EMA at 24,091 offering support. So, I think short-term pullbacks are buying opportunities.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is dropping a little bit in early trading, but nothing major. It looks like a market that is trying to continue the overall consolidation with the 50-day EMA offering support. The 50,000 level above is a significant barrier and I think if we can break above there, it opens up the possibility of a move to the 50,050 level. I do think buying dips continues to be the strategy here as well.

S&P 500 Technical Analysis

The S&P 500 pulled back a little bit during the early hours on Monday, but it looks like the 50-day EMA is already starting to offer a little bit of support. We remain in the same consolidation area, between 6,800 at the bottom end and 7,000 at the top. I do think eventually we break above 7,000, we just need a catalyst. As things stand right now, we’re just in this weird choppy bit of malaise where nothing really is going on, it’s just range-bound trading. If you’re a range-bound trader, though, the S&P 500 has done really good things for your account as of late.