NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Sluggish in Premarket

NASDAQ 100 Technical Analysis

The NASDAQ 100 has pulled back just a little bit during the early part of the session, but that’s not really a huge surprise considering that the market is close to the top of the overall range. At this point in time, the market is going to continue to look at the 22,000 level above as a resistance barrier. And if we can get above there, then I think the NASDAQ 100 does take off. Ultimately, if we pull back from here, the 50 day EMA and the 21,000 level underneath is significant support, so I think it’s only a matter of time before we bounce back.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back slightly and now it looks like the 50-day EMA and the $43,500 level underneath will offer support. Keep in mind that the market is pressuring an all-time high and of course we have Jerome Powell speaking in front of the Senate during the next couple of sessions.

So, I think some traders might be a little bit hesitant to put a lot of money to work, but ultimately this is a market that has been in an uptrend and has plenty of support underneath it. So, I think it’s probably only a matter of time before it breaks out.

S&P 500 Technical Analysis

The S&P 500 is down ever so slightly in pre-market trading as well. And we continue to look at the 6,000 level as potential support. It’s backed up by the 50-day EMA as well, so it all ties together quite nicely for a market that remains by on the dip. The $6,120 level above is a short-term barrier, but I do think that gets broken and I think we continue to go higher.

We’ve been in a long uptrend, and now we’re just simply grinding away, working off some of that froth, which makes perfect sense considering all of the talk about tariffs and all of that going on at the same time. At the end of the day, though, money’s flowing into America, not out of it.

For a look at all of today’s economic events, check out our economic calendar.