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

NASDAQ 100 Technical Analysis

The NASDAQ 100 has fallen a bit in the early part of the Monday session as we continue to see a lot of nonsensical, choppy behavior. But it’s also worth noting that we are at the beginning of the month. So, there’s a very real possibility that people jump in and start to buy stocks for the month for clients. We’ll just have to wait and see, but the 25,000 level is an area that I’ll be watching very closely to see if it offers support. And I will buy the right-hand side of the V pattern. I don’t need to be the first one in the market. I just want to get the direction right.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back just a bit during the trading session here on Monday, but it looks like the 47,000 level underneath will probably continue to be an area of interest, and I will be waiting to see whether or not it does offer support. The 50-day EMA is rising at the moment. And that being said, I think we have a situation where eventually we could go looking to the 48,400 level. Ultimately, this is a market that I think continues to be very noisy, but the uptrend is still very much intact.

S&P 500 Technical Analysis

The S&P 500 looks like it is trying to test the 6800 level in the early hours, and we’ll just have to wait at this point in time as an area of pretty significant interest. The 50-day EMA sits at the 6710 level, and I think that is a floor as well. We’ll just wait and see if we do in fact end up bouncing a bit. With that being the case, then I think we could go looking to 6,925 and then eventually 7,000. We’ll just have to wait and see how long that takes. Typically, December is a fairly positive month for the S&P 500, so I think that probably is the pattern that we follow this time as well.

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