NASDAQ Index, SP500 and Dow Jones Forecasts – Price Analysis: US Indices Show Resilience in Tuesday Premarket Trading

NASDAQ 100 Technical Analysis

The Nasdaq 100 has gone back and forth during the early hours on Tuesday as traders will be paying attention to how futures traders had sent the NASDAQ 100 higher on limited trading on Monday. What this looks like to me is a market that is just hanging around in the same region it’s been in over the last couple of weeks. And I think essentially, we’re waiting for new information.

So, what I mean by that is we are in the process of just grinding away some of the excess froth in this market just above the 21,000 level. I don’t see that changing. And I think at this point in time, we’re just waiting for some type of catalyst.

Dow Jones 30 Technical Analysis

The Dow Jones 30 did rally a little bit in the early hours of Tuesday as we sat just above 42,000. If we can break above there, then the market could go looking to the 42,800 level as it had been the latest swing high. It’s worth noting that short-term pullbacks will more likely than not end up being buying opportunities. And with this, I think you have a situation where you look for value and you take advantage of it. There is obvious resistance at that 42,800 level, but if we could break above there, the Dow Jones could go looking at 43,500.

S&P 500 Technical Analysis

The S&P 500 has been back and forth in the early hours as well on Tuesday, but it does look like we’re going to try at least to break above the 5,900 level. If we can clear the 5,900 level, then it’s likely that the market will go looking to the 6,000 level, which, of course, is a large, round, psychologically significant figure and the area that we pulled back from. Underneath, I think there is plenty of support near the 5800 level to keep this market somewhat afloat, at least in the short term. I have no interest in shorting any of these indices and will remain more of a buy on the dip trader.

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