NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Continue to Look for Momentum on Tuesday

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been somewhat sideways in the early hours on Tuesday as we are trying to sort out where we are going next. But right now, I think we also are in the midst of working off some froth. Keep in mind Friday is the jobs number coming out of the United States, and therefore it’s interesting to see that between now and then we will probably also have to deal with a couple of other announcements such as the ADP, and of course the weekly unemployment claims. So, with all of that, I anticipate a little bit of hesitation.

Dow Jones 30 Technical Analysis

The Dow Jones 30 pulled back just a bit in the early hours on Tuesday, but really at this point, I think we’re just in consolidation here also. The 41,900 level is an area that has been significantly support previously, and now features the 50 day EMA. The support runs down to the 41,600 level. So, we have 300 points there that I believe offers a bit of a floor in this market that is so obviously bullish.

S&P 500 Technical Analysis

The S&P 500 of course has pulled back just a bit and with that being said, I think that we need to pay close attention to the 5780 region which was the previous resistance and now offers support. I do think that the S&P 500 probably goes somewhat sideways in the meantime as the other indices. We have to worry about whether or not we are bullish or bearish at the moment not only due to those announcements from the macroeconomic but the fact that we are in the midst of earning season.

So quite frankly we probably have a whole lot of back and forth over the next several days as we are trying to figure out what it is we are going to do in the longer term. That being said, when you look at the chart, it certainly looks like it’s going to be easier to go higher than it will be to go lower over the next several months. Furthermore though, we also have the US election in a week and that of course might weigh upon the market also.