NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Looking to Go Higher

NASDAQ 100 Technical Analysis

The Nasdaq 100 rose a bit in pre-market trading on Tuesday as we have broken to a fresh new high. That being said, we do get some economic announcements this week that could cause a little bit of a headache. So, I’m looking at this as a market that could very well pull back. If and when it does pull back, I’m looking for a bounce that I can take advantage of. On the other hand, depending on your position size, it could just be buy and hold from here. Either way, this is a market I have no interest in shorting, and I still see the $22,250 level as a floor.

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially rose during the session, but you can see it has given back the gains as we continue to consolidate a bit. All things being equal, I think the most important level on this chart is the 45,000 level. And the question is whether or not we can break above there. If we can, then it’s likely that the market will continue much higher, breaking out for the fresh, new leg to the upside. If we pull back a bit from here, the 43,250 level is a floor and a potential support level is above there at the 44,000 level.

S&P 500 Technical Analysis

The S&P 500 broke to a new high here in the early hours of Tuesday as well, acting very much like the NASDAQ 100. Short-term pullbacks at this point in time are going to be buying opportunities from everything I see, and I look at the $6,150 level underneath as a potential floor in the market. Anything below there probably opens up a pretty significant correction, but right now that’s not what I’m expecting to see and not what I’m looking for. The 6150 level should be your floor, assuming that we get any sizeable pullback at all. To the upside, I’d be looking for a move to 6400.

For a look at all of today’s economic events, check out our economic calendar.