NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Somewhat Mixed Early on Wednesday

NASDAQ 100 Technical Analysis

The Nasdaq 100 is up ever so slightly in the early hours of Monday as we continue to see a lot of noisy consolidation. Because of this, I think we are just simply waiting around for CPI and perhaps even waiting around for something a little bit more influential to move the markets to the upside. The 22,000 level, I believe in some being a major resistance barrier at the moment. And if we can break above there on a daily close, then I think we can go much higher.

Dow Jones 30 Technical Analysis

Dow Jones 30 is down a little bit in the early hours, but really nothing of note. It’s only down about nine basis points as I record this. And I think we continue to consolidate in this region as well. The 50 day EMA is sitting below. And I think that is your short term floor. The 45,000 level above is a barrier that I think we need to break above on a daily close in order to continue to the upside. Any short-term pullback at this point in time, I think more likely than not, brings in more buyers.

S&P 500 Technical Analysis

The S&P 500 is basically flat at the open and it looks like the 6100 area continues to be a little bit of a magnet with 6,000 underneath being support. Again, that CPI number might come into the picture, but really, I believe no matter what happens eventually the buyers will step in, and short-term pullbacks probably attract more buy-on-the-dip type of traders. Keep in mind that we are in an uptrend, and this should remain.

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