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

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially pulled back ever so slightly in the early hours of trading on Monday but has turned around to show signs of life again. By doing so, this is a market that I think could very well make a run at the recent all-time highs. Although I don’t necessarily think that we are just going to explode to the upside, I would anticipate a little bit of pushback.

After all, we have seen a pretty significant run over the last several months. A little bit of consolidation probably goes a long way here, but the one thing that I won’t be doing is shorting this market. If it does pull back, I expect the 23,250 level and the 22,800 level both to offer support.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is slightly positive in early trading on Monday, but again, this is a scenario where I think you’ve got to keep in mind that we just simply consolidate here overall. The 43,250 level underneath and the 45,000 level above, both are considerable borders that I think will take quite a bit of effort to break through either way. We’re basically in the middle.

So, at this point, I feel very neutral about this market, but I certainly wouldn’t be a seller. I, again, think that short-term pull banks end up buying opportunities given enough time. If we break down below the 43,250 level, then possibly things get a bit worse. But right now, it looks like the order of the day is just simply going sideways.

S&P 500 Technical Analysis

The S&P 500 has been fairly quiet, although it has recovered from the biggest bit of selling in the early part of the day. Really, at this point in time, though, I don’t think there’s much to say here other than we are testing 6,400. If we can break above 6,438, we’re probably off to the 6,500 level. Short-term pullbacks continue to be buying opportunities in what to me looks like classic consolidation. The 50-day EMA is near the 6200 level and rising. I think at this point in time, that’s probably your floor.

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