NASDAQ Index, Dow Jones and S&P 500 Forecasts – US Indices Trying to Continue Bounce from Monday

Nasdaq 100 Technical Analysis

The Nasdaq 100 initially fell just a touch, but it is starting to turn around. It is probably worth noting that we had bounced off of the 200-day EMA on Monday, and now Nvidia is a little bit of a bright spot as the bullish GTC commentary regarding Blackwell orders has Nvidia trying to lead a more sustained bounce in the Nasdaq 100, perhaps aiming for the 25,000 level. “Buying on the dip” seems to be the attitude of the Nasdaq 100 over the last several days.

Dow Jones 30 Technical Analysis

The Dow Jones 30 recovers from the break below 47,000 and now it is trying to recapture that level. It is still fighting a 3-week losing streak, but sitting right around the 200-day EMA does give it a little bit of technical support.

If we can break above the high from Monday, it is possible we will see a bit of follow-through on this recovery. Obviously, war headlines can have a major detrimental effect on this market, that is essentially what has been going on—so be advised that attitudes can shift very quickly.

S&P 500 Technical Analysis

The S&P 500 is relatively flat at the time being, with the early market being a little bit negative. We have seen a little bit of a turnaround, and it is worth noting we are trying to build on a bounce from the 200-day EMA from the Monday session.

The 6,800 level above should be a little bit difficult to break above, but I think that is your initial target if we can get any type of follow-through. Breaking below the 200-day EMA then opens up the potential for a move down to 6,500, which, for me, is a very important support level.