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

NASDAQ 100 Technical Analysis

The Nasdaq 100 has shown itself to be fairly quiet in the early hours of Tuesday, which is not a surprise considering that we are sitting right at the previous support that now should offer resistance. The 50-day EMA is right where we are, with the 25,000 level above offering resistance. If we can break above there and stay above there on a daily close, that would be a very strong sign.

Keep in mind this week is Thanksgiving week in the United States, so the closer we get to Thursday, the less volume there is going to be. Tuesday might be a somewhat normal trading session, but after Tuesday, the Wednesday session will be fairly quiet, Thursday will be closed, and Friday will probably be quiet as well.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks as if it is ready to just sit here at the 50-day EMA, and if we can break above the 50-day EMA, then it opens up a move to the 47,000 level. If we can get above there, it is a very bullish sign, much like the 25,000 level in the Nasdaq. Short-term pullbacks, I think, continue on for buying opportunities with the 45,000 level offering a significant amount of support underneath. I do believe at this point in time we are still in an uptrend, but we did break below the channel, so that is worth keeping in the back of your mind.

S&P 500 Technical Analysis

The S&P 500 has found itself sideways as well, but in this case, we are actually above the 50-day EMA. We are pressing the bottom of the uptrend line that we had broken through. Now everybody is going to be focusing on the 6,800 level. If we can break above the 6,800 level on a daily close, I think that is an extraordinarily bullish sign.

Short-term pullbacks here are certainly likely, and the 6,500 level, I think, ends up being a significant floor in the market as the market has shown itself to be important a couple of times in that region, with buyers coming in and stepping in picking up the index. All things being equal, I am bullish. But again, this is a strange week due to the lack of volume for at least a couple of the sessions.

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