NASDAQ 100 Technical Analysis
The Nasdaq 100 has been slightly positive in the early hours here on Tuesday, as it looks like we are trying to get to the 24,000 level. A short-term pullback at this point in time, more likely than not, offers a valuable entry into the market for most traders. The uptrend line still holds as support and the 23,250 level is significant support, followed also by the 50 day EMA. So there seems to be plenty of technical reasons underneath for this market to continue higher.
Dow Jones 30 Technical Analysis
The Dow Jones 30 is in the midst of a rising wedge, but in the early hours of Tuesday, it seems to be somewhat slightly positive. I think at this point, the 45,000 level has to be thought of as a bit of a floor, but the Dow Jones 30 has been a bit of an underperformer. All things being equal, this is a market that I think, given enough time, probably tries to go higher towards the 46,000 level, but it is definitely the slowest of the three indices that I’m analyzing.
S&P 500 Technical Analysis
The S&P 500 is slightly positive as we continue to just hang out around the 6,500 level. The 6,500 level of the course is a large, round, psychologically significant figure that a lot of people will be paying attention to. Short-term pullbacks will be buying opportunities. And of course, we have the uptrend line at the bottom of the channel that’s backed up by the 50 day EMA, somewhat like the NASDAQ 100, that offers support as well. Ultimately, this is a market that looks a little tired and lackluster, but it’s still very much a bullish market and I have no interest in shorting it.
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