NASDAQ 100 Technical Analysis
The Nasdaq 100 has pulled back ever so slightly during trading on Tuesday in pre-market trading, as we are trying to digest a massive move higher. It’s worth noting that during the previous session we had initially sold off quite drastically, only to turn around and rally. So with that being said I think you have a scenario where buying the dip remains the main strategy of traders and I think we’ll probably continue to see a lot of that action, with the 21,000 level underneath being massive support. To the upside, I would anticipate that the 22,000 level is your target.
Dow Jones 30 Technical Analysis
The Dow Jones 30 has gone back and forth during the early pre-market Tuesday session but it does seem to be hovering at a potential breakout point. As the market hovers around this 42,800 level, a little bit of upward momentum could send this market flying to the 43,500 level. Keep in mind that the Dow is a little bit more stable than the NASDAQ 100 and the S&P 500. So, this could lead the way.
S&P 500 Technical Analysis
Speaking of the S&P 500, we look very flat in the S&P 500 in pre-market trading, but I do think that eventually we will see this market try to break higher. Short-term pullbacks are very possible, but I also think that there will be plenty of buyers willing to get involved, especially if we were to drop near the 5900 level and then the 5800 level. I have no interest in shorting the markets at all, and therefore I’m looking for value or momentum to chase.
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