NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Continue to Look for the Buyers

NASDAQ 100 Technical Analysis

The Nasdaq 100 has pulled back just a bit in the early hours of Tuesday, and at this point in time, it looks like we are still just hanging around in the same noisy area. The question now is whether or not we can bounce and recover, and the biggest hurdle that I see at the moment is the 20,000 level. Keep in mind there is a Federal Reserve meeting on Wednesday, so that could come into play as well.

But as things stand right now, we’re in the process of trying to find a bottom. Whether or not we have still remains to be seen, but I would say the safe bet, at least at this moment, is to expect more consolidation between 20,000 and 19,129.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues to look like it is challenging the 200-day EMA, but we’ve not broken above there yet as it sits just above the crucial $42,000 level. Breaking above there and closing on the daily timeframe would be a very strong indication of the market getting ready to go higher.

A pullback from here opens up the possibility of the market dropping down to the $41,000 level, but ultimately this is a market that I think is probably going to be very range bound as well. The Federal Reserve meeting will have a major influence on what happens here.

S&P 500 Technical Analysis

The S&P 500 has pulled back slightly as well, and just like the other two indices, I think we’re just trying to see whether or not we have built some type of base yet. Ultimately, if we can break above the 200-day EMA, then it opens up a move to the 5800 level. The 5600 level is supported all the way down to the 5500 level, and I think at this point, we’re just going to go back and forth, probably grinding away, trying to sort out where the next move is. We had sold off rather viciously, so a bit of a bounce does make a certain amount of sense. The question is more or less going to be whether or not we can sustain that bounce into something that is productive and positive.

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