NASDAQ 100 Technical Analysis
The Nasdaq 100 rallied a bit during the early hours here on Monday and with a lack of economic announcements for the session, this might be a scenario where we just drift a little bit higher. Ultimately, I have no interest in shorting the NASDAQ 100. It recently touched all-time highs in the last session or two. And therefore, I think short-term pullbacks offer buying opportunities. The 22,250 level underneath is what I believe is going to be the floor in the market.
Dow Jones 30 Technical Analysis
The Dow Jones 30 has a little bit of positive momentum in the early hours on Monday as well, but ultimately, this is a market where we see a bullish flag being formed. And I do think eventually this is a market that breaks out above the crucial 45,000 level. If we do, then the measured move is for somewhere around $47,500.
Short-term pullbacks, I believe, continue to offer buying opportunities in the Dow Jones 30, with the $44,000 level being an area that I think in general buyers are willing to step in.
S&P 500 Technical Analysis
The S&P 500 continues to threaten all-time highs, and at this point it looks as if it is trying to break out to the upside for a much bigger move. But, having said that, you should also be aware of the fact that a lot of choppiness could be part of the overall attitude. But at the end of the day, this is a market that’s in an uptrend. There’s no point in fighting it.
For a look at all of today’s economic events, check out our economic calendar.