NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Attempt to Recover Early on Monday

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied a bit early in the trading session here on Monday as we continue to see a lot of noisy behavior in general. The 23,000 level is currently offering a little bit of resistance, and it might be worth noting that the last couple of days have been a little brutal and volume has definitely picked up. So, I think ultimately, we have a situation where we are looking at a potential change in the attitude of the market.

But I don’t think we changed the trend overall, at least not yet. The 22,500 level underneath should be support and the 50 day EMA rises towards that level. Ultimately, this is a market that I think short-term pullbacks probably get bought into, but I also recognize we’re going to see a lot of noise. That jobs number last week really freaked people out.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is trying to bounce from the 50 day EMA, trying to get to the 44,000 level. The market had previously formed a pretty significant bullish flag. And now that bullish flag has been destroyed. The question now is, can we recapture 44,000 and break above there? If we can, then it could very well send this market towards the 45,000 level, but right now, I don’t think we have the momentum. We could drop down to the 43,000 level as well.

S&P 500 Technical Analysis

The S&P 500 is rallying a bit, but it’s got the barrier of 6,300 just above that it needs to compete with. If we can clear that level, then it’s probably likely that the S&P 500 will continue to go higher, maybe even towards the recent highs, which let’s face it, was just two sessions ago. So, despite the fact that the world seemed like it was on fire for two days, we are still very much in an uptrend, and that’s how you have to approach this market. Look for value, take advantage of it. The 50-day EMA is sitting right at the 6,150 level, which is an area that previously had been resistant. So, I would anticipate that there is market memory here.

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