NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices All Look Softer in the Premarket Trading

Dow Jones 30 Technical Analysis

The Dow Jones 30 has gapped to the downside to kick off the week, and now it looks like it’s basically ready to just fall out of the sky. The 37,000 level underneath is a massive support level, and we may end up retesting that area before it is all said and done. At this point, it just looks like anytime the market rallies, there will be sellers willing to meet it and start shorting again. The 40,100 level is an area that’s been important previously, but we broke above there and just couldn’t hang on to it.

S&P 500 Technical Analysis

The S&P 500 also looks as if it is ready to continue going lower, as it will almost certainly go looking to reach the 5,000 level. The 5,000 level, of course, is an area where a lot of people will be paying close attention to, as it is a large, round, psychologically significant figure, and of course will attract a lot of headlines. Underneath there we have the 4800 level, which has offered support during the previous meltdown. At this point it looks like anytime that the S&P 500 rallies you need to look for signs of exhaustion to start selling again.

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