NASDAQ Index, Dow Jones and S&P 500 Forecasts – US Indices Waiting for Headlines

Nasdaq 100 Technical Analysis

The Nasdaq 100 is very noisy during the trading session on Tuesday so far as we are heading towards the New York open. We are hanging around the crucial 200-day EMA, so that’s worth paying attention to, and we did get a nice bounce during the previous session as traders are starting to bet on the idea that maybe just maybe the war is coming to a conclusion soon, and that is one major concern that could disappear. If we can take the market and get above the previous session’s high, then the 25,000 level would be targeted.

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially fell but then turned around to show signs of life. At this point, I think if we can rally, then we will go looking to the 200-day EMA, possibly even the 47,000 level. The 47,000 level is an area that I think will be a difficult market to break above, but if we can, then we really could see this market jump quite a bit.

With this being the case, I remain cautiously optimistic. I think we are in the process of bottoming, but I also recognize it only takes one random headline to send the markets into a tizzy.

S&P 500 Technical Analysis

The S&P 500 also looks like it is trying to turn things around as we are sitting right around the 200-day EMA. If we can break above the 200-day EMA during the session, that might have the market running towards the 6,700-level, followed by the 6,800-level, given enough time.

I do think that the 6,500 level will continue to be massive support and very important. With all of that I remain optimistic but cautious. The S&P 500 should turn things around eventually, but what we need is some good news coming out of the Middle East.