NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Continue to See Buyers

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied a bit in the early hours during the trading session on Tuesday, as we continue to press to the upside and to new all-time highs. This is a market that is very strong and pullbacks at this point in time continue to be buying opportunities, with the 22,250 level underneath being a bit of a floor. Ultimately, I have no interest in shorting this market. I think any pullback that you get at this point, you have to look at as a gift. If we were to break down below the 22,000 level, then maybe it’s a little bit deeper of a correction just waiting to happen. But ultimately, this is a market that looks extraordinarily bullish.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has bounced a bit in pre-market trading on Tuesday, getting back some of the losses from the troublesome Monday session. I think we’re possibly heading into a consolidation phase here as traders are perhaps just a bit stretched here and may have to work off some of this excess. If in fact, that ends up being the case, that’s typical and that’s completely normal. There’s no reason whatsoever to be concerned about it. Quite frankly, this is a market that looks extraordinarily bullish, and if it dropped to the 43,000 level, I don’t know much that would have changed.