NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Continue to Look Strong Overall

Nasdaq 100 Technical Analysis

The Nasdaq 100 pulled back just a bit during the early hours on Tuesday, only to turn around and show signs of life again. The $21,000 level above is not a major resistance barrier, but it has acted as a little bit of a ceiling previously. Short-term pullbacks will end up being buying opportunities going forward.

And at this point in time, I think you’ve got a situation where if you do pull back, you probably have a lot of support near the 50-day EMA and most certainly at the $20,000 level. If we do break above the 21,200 level, that will bring in the next leg higher in the Nasdaq 100 and bring in quite a bit of FOMO trading.

Dow Jones 30 Technical Analysis

The NASDAQ has been strong, but the Dow Jones 30 looks like it is stalling a bit during the trading session. That does make sense considering that the Dow Jones 30 has been the best performer as of late. We may have a little bit of digestion to do here in the Dow Jones Industrial Average, but short-term pullbacks I believe continue to be buying opportunities. The 45,000 level above is a major barrier from psychology and a possible barrier due to options. So, with all of that being said, I think short-term pullbacks will end up being buying opportunities.

S&P 500 Technical Analysis

The S&P 500 has been somewhat stagnant in the early morning after initially gapping higher as it looks like the 6020 level continues to be a major resistance barrier. If we can break above that barrier, then I think that kicks off more of a FOMO trade and that we could go much higher.

Short-term pullbacks offer buying opportunities with a 50 day EMA underneath it acting like a trend line, it does make a certain amount of sense that we should continue to see that upward grind. All of that being said, keep in mind that Thursday is Thanksgiving in the United States, so that will obviously have a major influence on liquidity as we get late into the week.

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