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

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially did try to rally a bit during the very early part of pre-market trading on Monday, but it looks like we are rolling back over. I think this is a market that might be getting ready to pull back a bit, but having said that, I don’t necessarily think I want to get short. What I want to see is a little bit of a flush lower that I can take advantage of. 23,250 should be an area that I think certain buyers will return. The 50 day EMA is at 22,788 and rising. So, all things being equal, I like the idea of buying this market on dips that offer value. I do believe we will go higher.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rolled over a little bit after forming a massive shooting star at the 45,000 level, which is an area that has been like a brick wall multiple times now. So, a little bit of a pullback, regrouping and another attempt at this level is what I would anticipate. That being said, if we were to break above the top of the shooting star from Friday, I think that’s an extraordinarily bullish sign for the Dow Jones 30. I have no interest in shorting this market. I think it still goes higher.

S&P 500 Technical Analysis

The S&P 500 looks a lot like the NASDAQ 100 in the early hours, as we initially did try to rally, but it looks like we just don’t have enough momentum to break above the crucial 6,500 level. I would not be surprised at all to see this market pull back a bit, but I think there are many areas below that could offer quite a bit of support, especially the 6,400 level and then after that the 6,300 level. I have no interest in shorting.

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