NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Continue to Look for a Bounce

 NASDAQ 100 Technical Analysis

The Nasdaq 100 has fallen a bit during the early hours on Tuesday, but it looks like we are trying to turn around and show signs of life right around the 25,000 level. Quite frankly, this is a market that I think continues to be very noisy. And I think that given enough time, we could see an attempt to get back to the 26,000 level. We are hanging around the 50-day EMA, and right now it looks like the market is just trying to work off some of that excess froth from earlier in the year.

Dow Jones Technical Analysis

The Dow Jones 30 has pulled back just a touch in the early hours here on Tuesday, but it looks like we are, in fact, continuing to see a little bit of support. Ultimately, I think this is a market that goes looking to the 50,000 level over the longer term, but in the short term, it looks like we have a little bit of hesitation.

The 47,000 level underneath is, I believe, at least the floor in the market. The 50-day EMA is sitting right there as well. So, with that being said, I think market participants will continue to see any dip at this point in time as a buying opportunity in what has been a very strong uptrend, and I just don’t see that changing at this point in time.

S&P 500 Technical Analysis

The S&P 500 tested the 6,800 level early, but it looks like we are trying to fight back. The 50-day EMA is offering support, and it looks as if we are trying to rally a bit from here, trying to reach the 6,900 level. If we can break above the 6,900 level, then the 7,000 level should be the next target. I have no interest whatsoever in trying to short this market. And I do think towards the end of the year, we probably see buyers coming in to try to pick up a little bit of value.

For a look at all of today’s economic events, check out our economic calendar.