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

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially pulled back just a bit during the early part of the session here on Tuesday as we continue to see more of a slower grind to the upside and therefore it does make a certain amount of sense that occasionally we sell off a bit as people take profit. If we do pull back from here, the 23,000 level is an area that I think offers a certain amount of support. But really at this point, I don’t see this market falling for more than a short-term pullback. That short-term pullback ends up being a buying opportunity for those looking to take advantage of the overall uptrend.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has fallen a bit more, but it remains well within a consolidation area that, for me, looks a lot like a bullish flag. The market has an obvious barrier in the form of the 45,000 level, so if we were to break higher, that would be the first major resistance barrier that I would be watching. If we can get above the 45,000 level, then I think you have a real shot at the Dow Jones 30 really taking off, perhaps to the 47,000 level.

S&P 500 Technical Analysis

The S&P 500 has chopped back and forth during the early hours here on Tuesday as we continue to look for some reason to continue going higher. The market will find it given enough time, and clearly that’s the only direction you could be trading in. So, I look at each pullback as an opportunity to take advantage of what has obviously been a strong run higher over the last several months. The 6,300 level is support. The 6,150 level is support and possibly the 6,200 level is support. So really at this point in time, if we drop, you have to be looking for a reason to start buying again on a bounce.

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