NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Look Soft in Early Monday Trading

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially tried to rally during the trading session on Monday, but then the market rolled over and is now sitting at the $25,000 level just above the 50-day EMA. We are still in the overall uptrending channel, and eventually, once we bounce, value hunters could return to push Nasdaq 100 higher. If we break below the $24,500 level, then a deeper correction is likely, but this won’t necessarily change the overall trend at this point.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has gone back and forth during the early hours on Monday as it sits just above the crucial $47,000 level, which is also backed by the 50-day EMA. All things being equal, this is a market that many traders will continue to view as a solid uptrend line and channel to watch. With that in mind, the market appears likely to continue grinding to the upside. Any meaningful change would probably be reflected in other indices as well, so keep that in focus as a secondary indicator.

S&P 500 Technical Analysis

The S&P 500 initially rallied, but it is now running into resistance at the 6,800 level. The 6,800 level is a large, psychologically significant figure, though it has been pierced a couple of times recently. Ultimately, the market likely tries to break to the upside given enough time, but it also appears to be fighting the 50-day EMA or the uptrend line. Overall, markets look lackadaisical but still positive over the longer term, and I am not looking to short US indices anytime soon.

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