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

NASDAQ 100 Technical Analysis

The Nasdaq 100 has gone back and forth during the course of the trading session on Tuesday, as we are hanging around the 25,000 level. The 25,000 level of the course is a large, round, psychologically significant figure in an area that you will have to pay close attention to. Regardless, I think a short-term pullback is likely to end up just bringing in more buyers in a market that’s been extraordinarily strong.

If we can break to the upside, then we might get a move to the 25,300 level rather quickly, but we’ll just have to wait and see. Ultimately, this is a market that I do think remains bullish, but we’re somewhat in a area of psychology that I think is coming into the market as far as a little bit of resistance. So, a little bit of a pullback and a bounce might be the way to go.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is likely to remain somewhat neutral during the trading session as well, as we are going sideways just above a major trend line. If we do break down the trend line, it should offer support, but if we break below that, then I’d be looking somewhere around the 46,000 level for potential support. It does look like the 47,000 level is offering resistance just above, so that might be something worth paying attention to as well. This is a market that is probably more sideways than anything else in the short term, but longer term, most certainly an uptrend.

SP 500 Technical Analysis

The S&P 500 continues to do very little over the course of Asian and European electronic trading, as we are just grinding higher. It’s not really a very strong market at the moment, but it is in an uptrend. All things being equal, it’s just quietly drifting to the upside and that might be the way this goes. It’s more of a zombie rally, if you will, as we’re just grinding higher. Short-term dips get bought into as I think we’re going to try to get to the 6800 level the next day or two. We’ll just have to wait and see. Even if we do fall from here, the 6600 level should offer support right along with the uptrend line and the 50-day EMA that is now following that uptrend line.

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