NASDAQ Index, S&P 500 and Dow Jones 30 Forecast – US Indices Quiet on Tuesday Morning

NAS100 Technical Analysis

The NASDAQ 100 has found itself doing very little during the early hours on Tuesday, as we are sitting right at the 50-day EMA. This is probably not a huge surprise because, quite frankly, the earnings season is currently going on. We have some major ones reporting during the week, and with that being the case, it is very difficult to imagine a scenario where people are throwing a ton of money into the marketplace ahead of some of those bigger announcements.

We bounced quite nicely, and that has worked out okay, but generally speaking, I think this is a situation where you are probably looking for a little bit of a pullback to start buying. If we do take off to the upside, then we could be looking at a move to the 26,275 level, and I think that is possible eventually. With all of the noise that is going on right now, it is really hard to be overly aggressive. I think we are in a range and probably going to be stuck here through most of earnings season.

US30 Technical Analysis

The Dow Jones 30 finds itself struggling a little bit, but really, at this point in time, it had shot up quite drastically, and then on Monday, it just kind of hung out at that same level. Tuesday looks like we might get a little bit of a pullback, but I wouldn’t necessarily be concerned. We are above 50,000. Maybe pulling back to test 50,000 would make some sense, but I would be a buyer of dips.

SP500 Technical Analysis

The S&P 500 continues to threaten the 7,000 level but it just cannot break above there. If it could, then I think you have the possibility of the next big thing happening. At that point, I would look for this market to perhaps try to get to the 7,200 level, maybe even higher than that.

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