NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Continue to Attempt to Form a Base

NASDAQ 100 Technical Analysis

The NASDAQ 100 has gone back and forth during the early pre-market hours on Monday as we continue to see a lot of volatility. The 19,129 level underneath is going to continue to offer a floor in the market, and it looks like short term pullbacks continue to offer buying opportunities as we have seen a lot of action in this area in perhaps an attempt to try to build a floor in the market so that we can turn around. After all, we did get pretty oversold pretty quickly. If we can take out the 20,000 level to the upside, I think at that point in time, the NASDAQ 100 goes much higher.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back just a little bit during the early days as it looks like it is also trying to form a bit of a basing pattern as well. In the Dow Jones 30, I’d like to see a move above the 42,000 level to get things going. It is worth noting that as we got to this area, volume did pick up, so I do think we are trying to find the floor. Whether or not we find it remains to be seen.

S&P 500 Technical Analysis

The S&P 500 finds itself dancing around the 5600 level again, an area that’s been important a couple of times in the past. If we can break above the 200-day EMA currently at the 5725 level, I’d become a bit more bullish on the S&P 500. I think at this point though, basically what we’re doing is trying to sort out whether or not the 5600 level will continue to offer support and perhaps allow the markets to believe that most of the vicious selling is over.

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