NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Drop in Premarket Trading

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially pulled back just a bit during the trading session on Thursday in pre-market trading, but at this point, a lot of this comes down to one thing, and that was Oracle’s guidance as people are worried about an AI bubble yet again. And because of this, it shows how concentrated Wall Street is in the artificial intelligence bubble.

It is a bubble; there isn’t really any other word for it. But at this point, it’s just the latest thing to keep the market afloat. This is a game that’s being played over the course of several years, and therefore, there will be the occasional hiccup. Whether or not it’s going to signify something worse or bigger, that’s an entirely different question. 25,000 remains your support. It still looks like it’s buy on the dip, and in fact, we’re already trying to recover.

Dow Jones 30 Technical Analysis

The Dow Jones 30 pulled back as well but not as much as you would expect, as it is not technology-driven and therefore we’ve seen a nice pop from the lows. It does look like we’re trying to break out to the other side and make all new highs, but at this point, choppiness is probably the best word to describe the Dow Jones 30, although with a positive tone.

S&P 500 Technical Analysis

The S&P 500 pulled back a little bit during the early hours on Thursday as well, but it looks like the 6800 level is, in fact, going to support it. And now the question is, can we break out to a fresh new high above the 6930 region? I do think it happens given enough time. But again, this is that same somewhat clownish behavior of everybody jumping into the same bubble at the same time, trying to push the index higher without any actual thought. Ultimately, this is a market where short-term pullbacks will continue to be favored, especially given the seasonality typically working in favor of the bulls.

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