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

NASDAQ 100 Technical Analysis

The Nasdaq 100 has rallied slightly during the early hours here on Tuesday as we continue to see a bit of sideways action with a little bit of bullish momentum to each dip, as we see aggressive buyers. The 50-day EMA is currently at the 25,235 level, offering a bit of support for the trend at the moment.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it gapped higher a little bit at the open as we rolled over into Tuesday, and then dropped. That being said, we are basically where we closed during the Monday session, so it doesn’t really mean much other than we’re still in an uptrend. The 48,000 level is likely to be a bit of a floor as it had been resistance previously. It’s a large, round, psychologically significant figure, and of course, we have the 50-day EMA racing toward that level. All things being equal, I do believe that eventually we reach towards the 50,000 level, but as things stand right now, it’s probably more of a choppy back-and-forth sideways with an upward tilt type of market.

S&P 500 Technical Analysis

The S&P 500 initially tried to rally a bit, but at this point in time, it’s likely that the market is going to continue to see buyers on dips as an opportunity, with the 6,800 level being a major support level, as it has been important multiple times in the past. Furthermore, we also have the 50-day EMA sitting right there as well, so that will offer a certain amount of support, and beyond all of that, we are most decidedly in an uptrend. I do think eventually we go looking to the 7,000 level as it is the next large round number that people will be gunning for. Again, short-term pullbacks over here look like they are also buying opportunities.

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