NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Remarkably Calm Despite Escalation in Iran

NASDAQ 100 Technical Analysis

The NASDAQ 100 fell pretty quickly during the overnight electronic session heading into Monday, but has turned around to show signs of life again. With this being the case, the market looks as if it is trying to hang on to the crucial 21,500 and I do believe that it is probably only a matter of time before we rally back towards the top of the overall range that we had been in. It’s almost like nothing happened over the weekend, which whether or not you agree with that, the market certainly seems to be okay with it. And that is the most important thing to pay attention to.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has also rallied, although it’s given back some of its gains, but nonetheless, it held the crucial 41,750 level. And I do think at this point in time, the 200-day EMA being there as well probably adds even more efficacy to that support. If we rally to the upside, then the 43,000 level could be targeted again. Quite frankly, this is the same situation that we saw in the Nasdaq 100. If the market doesn’t want to fall, it’s telling you something.

S&P 500 Technical Analysis

The S&P 500 has also rallied, finding the 6,000 level a little bit difficult to get above, but really at this point in time, the thing that I would take away from this chart is that we are simply just grinding away back and forth and we’re trying to find a reason to go higher. Overnight, you would have thought that we would have found a reason to go lower, but here we are. This looks a lot like a market that just doesn’t want to fall.

So again, this is a situation where you are looking at the market and recognizing exactly what it’s telling you. And what it’s telling you is that it’s going to hold up and things are not going to be that bad. If a significant airstrike against the Iranians from the Americans cannot get the market to melt down, again, this tells you that the market wants to go higher. Dips will probably be buying opportunities in all three of these indices.

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