NASDAQ Index, SP500, Dow Jones Forecasts – US Indices Look to Digest Massive Move

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially dipped a bit during the early hours on Tuesday, only to turn around and show signs of life. The 21,000 level above is a significant milestone that people are seriously targeting and watching for a potential barrier. If we can break above the 21,000 level, it’s likely that the NASDAQ 100 will try to go looking to the 22,000 level. Short-term pullbacks are very likely at this point, and they do offer value, with the 20,000 level underneath being the absolute floor.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back quite a bit more, and a bit more significantly than the Nasdaq 100, and it looks like we are going to test the 42,000 level. The 42,000 level is an area that’s been important multiple times, and therefore it’ll be interesting to see how that plays out. Underneath there we have the 200 day EMA at the bottom of the candlestick from the Monday session that I would also watch for some type of floor.

S&P 500 Technical Analysis

The S&P 500 looks a little more like the NASDAQ 100 in the sense that it fell early in the session, but it is trying to turn things around. The 5,800 level for me is support underneath, and, all things being equal, if we do continue to go higher. I think the 6,000 level is an area where a lot of people will be aiming for and watching for potential resistance due to the fact that it is a large, round, psychologically significant figure in an area that’s caused a few reactions in the past. Either way, I have no interest in shorting any of these indices in America.

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