NASDAQ, Dow Jones and S&P 500 Price Outlook – Indices Somewhat Quiet in Early Trading

Nasdaq 100 Technical Analysis

The NASDAQ 100 initially did pull back in the early hours on Tuesday, but it does look like there’s still plenty of support underneath, especially around the 50-day EMA and the 21,000 level. This is a market that has been very strong for a while, so it’s not overly out of the question here that we would go sideways for a while to perhaps digest some of the massive gains that we saw.

Dow Jones Technical Analysis

The Dow Jones 30 has pulled back just a bit in the early hours as well, but again, this is a market that is fairly close to the all-time highs and we did have a nice run up over the last couple of weeks. So some sideways action here could make a certain amount of sense.

And this is especially true considering the entire tariff situation could flare up at any moment. Of course we have the jobs number coming out on Friday.

S&P 500 Technical Analysis

The S&P 500, again, we find ourselves going sideways with the 50-day EMA offering a little bit of support right along with the 6,000 level. This is a market that has been sideways for a couple of weeks, and I think that will more likely than not continue to be the case, with the 5,800 level underneath offering a massive floor. Given enough time, I fully anticipate that the S&P 500 will break higher, but right now, it just looks like we’re in a holding pattern.

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