S&P 500, Nasdaq and Dow Rise as Buyers Return on Lower Yields

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied a bit during the early part of the trading session on Tuesday as we continue to bounce around the 50-day EMA. The market has recently pulled back a bit, and there will be some questions as to whether or not value hunters come back as interest rates drop. Breaking higher from here would be a continuation of the overall bullish pattern, but we’ll have to wait and see if that is actually what the market wants to do.

The market is continuing to see a lot of questions asked about interest rates and the overall economy, while the shrinking US dollar might have some people excited as well in this environment.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues to be strong and continues to attract a lot of attention as it looks like we are, in fact, trying to break towards the 54,000 level. The 54,000 level is an area that will attract a lot of attention, as it was a previous resistance barrier. Short-term pullbacks could face a couple of support levels in the form of the 50-day EMA and the psychologically important 53,000 level underneath.

S&P 500 Technical Analysis

The S&P 500 is also rallying a bit during the early part of the session, as it looks like buyers have returned here as well. The market continues to be more of an uptrend than anything else, and after this pullback, we may have value hunters coming back into the fray.

We are in the midst of earnings season, and of course, everybody seems to be waiting on the speech from Federal Reserve Chairman Kevin Warsh on Friday, so that could be a market mover as well as the PCE numbers on Wednesday. But early on Tuesday, it looks like the buyers have returned to support the market early.

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