NASDAQ Index, S&P 500 and Dow Jones 30 Forecasts – US Indices Looking for Next Move

NASDAQ 100 Technical Analysis

The Nasdaq 100 looks like it’s under a little bit of pressure as we are below the 25,000 level ahead of the market opening, but quite frankly, we’re still in the middle of consolidation, and I don’t know that I would read much more into it than that.

If we do rally from here the 50-day EMA followed by the 25,400 level both offer resistance. If we can get above there, then we will go looking towards the recent highs at the 26,275 level. Short-term pullbacks, I believe, are still going to end up being buying opportunities.

Dow Jones 30 Technical Analysis

The Dow Jones 30 can’t seem to hang on to gains in pre-market trading, but again, it’s pre-market trading, and really, at the end of the day, it’s what happens in New York that matters. The 49,000 level will offer support with the 50-day EMA right around the same area, and of course, the previous uptrend line.

Even if we break down from here, I think there’s massive support underneath the 48,000 level and maybe even above there at the 48,400 level. So, it’s still a buy on the dips type of market.

S&P 500 Technical Analysis

The S&P 500 has basically been unchanged in early trading. It did try to rally initially, but we are just basically walking right along the 50-day EMA, not doing much. This is a market that has been in a 200-point range for what seems like a lifetime, but really only goes back to right around the middle of December, and we’re just killing time.

We’re waiting for a reason to move in one direction or the other. There is the old adage never short a quiet market and we’ll see if that ends up being true. Right now, it looks like the 6,800 level is the floor, probably extending down to about 6,750, and then we have a massive ceiling at 7,000.