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

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially did try to rally in the pre-market session on Tuesday, but we’re just kind of drifting. We don’t really have anywhere to be, and that’s not a huge surprise. It’s the back half of August, a time of year that typically has a lot less volume anyway. And of course, there are a lot of questions asked about what the Federal Reserve’s going to do. Yes, most people believe that the Federal Reserve is going to cut rates in September, but the question is how often?

We’re getting mixed signals from various members of the Federal Reserve. And that of course causes more uncertainty. A little bit of a pullback is probably not the worst thing. And with that being the case, I think you’ve got a situation where if we can pull back to the 23,250 level, people would be really happy. The question is, will we pull back that far? Either way, I remain bullish. I just think we’re in a bit of a sluggish time of the year.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is very much the same thing, we did fall in the early hours, but now we are trying to turn around and break higher. The 45,000 level obviously is a massive barrier of resistance, as we have tested it four different times. But I do think eventually it will give way, and we will go higher. And in fact, this might be the market to watch to see when the indices all rise together. Either way, I don’t have any interest in shorting this market. And when we do pull back, I look for bounces that I can start buying in order to play the value play. The 50 day EMA is all the way down at the 44,000 level and rising. And I think that also would offer significant support.

S&P 500 Technical Analysis

In the S&P 500, it’s a bit flat as well. We did try to rally, but kind of gave that back as we’re hanging around the 6450 level. If we can get any type of momentum, the 6,500 level is a nice, juicy target. And of course, something that might take a little bit of an effort to get above pullbacks at this point should see support at 6,300 as well as 6,375. And then again, at the 50 day EMA that has broken above the 6,250 level and is rising higher. This is a lot like the other indices. I don’t look to short them. I think if we pull back a bit and offer a little bit of value at lower pricing, plenty of traders will probably jump in and try to take advantage of that.

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