NASDAQ Index, Dow Jones and S&P 500 Forecasts – US Indices Ignore the Rest of the World

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially fell a bit during the trading session on Monday, but then turned right back around to show signs of resiliency yet again. This is a market that I think, surprisingly, is showing that it wants to go higher regardless of everything else going on in the world. With that being the case, you sometimes just have to do what the market says it wants to do and follow right along. There’s no need whatsoever to try to fight this move. I do think we will test those highs again.

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially gapped lower and then used the 50 day EMA as a springboard to send market participants much higher. It looks as if we are going to try to find a way back to the 43,000 level, although I don’t necessarily think it’s going to be the easiest thing in the world to accomplish, but it certainly looks like that is the goal here. So, with that being said, you have to look at short-term pullbacks as potential buying opportunities in this environment. However, you also need to keep in mind that there is a high probability of headlines out there that could really spook the market.

S&P 500 Technical Analysis

The S&P 500 initially gapped lower during the trading session here on Monday, only to turn around and rally, as well as find ourselves back above the crucial $6,000 level. At this point, it looks like the other indices in the United States in the sense that it just doesn’t want to fall. And if it doesn’t want to fall, well, you need to listen to the market. It’s telling you something. It’s telling you where it’s going eventually. And in this environment, it looks like it’s going higher. Nonetheless, I would expect a lot of choppy behavior today.

I would expect a lot of choppy behavior all week. Right now, the biggest fear that you have in the market is a headline coming out of the Middle East that sends everything tumbling again. If we get good headlines out of the Middle East, that might be enough to springboard the S&P 500 back to the 6,150 level where we peaked recently.

For a look at all of today’s economic events, check out our economic calendar.