Nasdaq 100, Dow Jones 30, and S&P 500 Forecast – Dow Eyes 53,000 Breakout While Nasdaq Tests 28,500

NAS100 slips to 27,817, breaking below its 50-day EMA. Source: TradingView

The Nasdaq 100 has drifted lower during the early part of the trading session on Tuesday as we continue to see the Nasdaq really struggle. Ultimately, at this point in time, interest rates being elevated do not do any favors for technology stocks, and it is probably worth noting that we have recently made a fresh new low.

With that, technically speaking at least, things are pretty ugly. The 28,500 level above is a bit of a barrier based on the fact that market memory dictates that what was once support should become resistance. We’ll have to wait and see if that plays out on any bounce.