NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Drifting in Early Action on Tuesday

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially pulled back just a bit during the trading session on Tuesday, only to turn around and show signs of life again. All things being equal, this is a market that looks like it is trying to do everything it can to rally from here. And I think it probably does. The 22,000 level will be the target. Short-term pullbacks offer buying opportunities, with the 21,000 level underneath and offering significant support.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back just a bit during the early hours to show signs of weakness, with the 42,000 level offering support, but as we have turned around, it now looks like we are trying to get to the 43,000 level. The 50 day EMA looks as if it is ready to cross above the 200 day EMA, as it opens up the possibility of a golden cross. The golden cross of course is an indicator that a lot of people pay close attention to.

S&P 500 Technical Analysis

The S&P 500 pulled back just a bit during the trading session on Tuesday, reaching the 5,900 level. The 5,900 level, of course, is a large, round, psychologically significant figure in an area that’s been important multiple times. If we break down below there, the 5,800 level then comes into the picture. Above, we have the 6,000 level, which is a major barrier, and right now, I think we’re just basically trading in what could end up being a 200 point range with more of an upward tilt.

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