NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Pull Back a Bit in Premarket Trading

NASDAQ 100 Technical Analysis

The NASDAQ 100 has pulled back just a bit during the trading session here on Tuesday, as we continue to see the same area act as support and resistance, we have the 21,500 level as a floor and the 22,000 area, or somewhere in that area, as resistance. This is a market that I think is trying to figure out whether or not it can continue to go higher. I don’t really see any reason why it won’t, but we may have to work off some of the excess froth in the time being. I still favor buying dips occasionally in this index.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back as well, as we continue to see a lot of noisy trading between 43,000 above and 41,750 below, which also features the 200 day EMA as well as the 50 day EMA just above it. This is a similar situation, only we are not trying to get to all-time highs here, we’re trying to break above that crucial 43,000 resistance barrier. In the meantime, I think we are working off some of the excess move to the upside, and this is probably normal, all things considered.