NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Looking for Momentum

Nasdaq 100 Technical Analysis

The NASDAQ 100 has gone back and forth during the course of the pre-market trading on Tuesday, as we continue to at least try to find some type of support in the NASDAQ 100, which is near the previous swing low that was actually pierced on Monday only to turn around and form a hammer. The question is whether or not Tuesday can see a bit of follow through as the market has been so noisy.

So, with this, I think you’ve got a situation where traders are going to continue to be very hesitant to get too big in the market, but quite frankly, I think you have to assume that sooner or later there has to be some type of bounce. Whether or not that’s here obviously is a very important question. So, we’ll just wait and see, but I think this is a place where you could potentially see that. If we break down below the bottom of the hammer from Monday, look out below.

Dow Jones 30 Technical Analysis

Dow Jones 30 is pulling back a bit early in the session, but quite frankly, it doesn’t look bad. We are wrestling with the 200 day EMA. And if we can break above there, essentially the 42,000 level, then you have a possibility of reaching towards the 50 day EMA above. Any pullback from here probably sees buyers come in right around the 41,000 level.

S&P 500 Technical Analysis

The S&P 500 initially rallied during the early hours, but it has pulled back since then. With that being the case, I think you’ve got a situation where traders are going to continue to see this as a potential bottoming pattern, but it is a little early to get overly excited about that.

After all, we have seen a lot of damage in the S&P 500 as well as other indices in America. So please keep that in mind. Ultimately, this is a market that has a little bit of a double bottom near the 5,500 level. And if we break down below there, the S&P 500 could really start to break down.

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