Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Start Off the Week Soft

The S&P 500 fell to the 50-day EMA immediately, but it has rallied since then. We’ve seen a little bit of pressure at the crucial 6,800 level, and this, to me, all things being equal, looks like a market that’s getting ready to form some type of tighter range. The 6,800 level is an area where we’ve seen a lot of people interested in previously, so I think it makes a certain amount of sense that they may still be somewhat interested in both directions. We’ve seen a pretty nasty bounce here, I think working off some of that froth makes a lot of sense.