NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Rocket Higher

NASDAQ Technical Analysis

The Nasdaq 100 has shot straight up in the air during the early hours on Monday after it was announced that over the weekend, the United States and China did in fact talk as expected, but they are also a lot closer to an agreement than people had thought. So, with that being said, the market will continue to see a lot of upward potential movement.

And if we do in fact see a bit of a pullback from here without some type of major headline, it will probably be thought of as a potential buying opportunity. Short-term pullbacks could drop all the way to the 20,000 level, and I don’t think that changes anything. At this point in time, the market is getting into the overbought and emotional part of the rally again, and with that being said, I think the 21,000 level above could be your next target, but it’s also your next barrier.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rallied rather significantly during the day as well, and we are now well above the 200 day EMA. The 43,000 level is an area I’ll be watching for potential resistance. And of course, short-term pullbacks could offer buying opportunities in this market, but we jumped right out of the gate and took off. So, I think at this point in time, we may see a bit of a melt up but eventually those do pull back and you have to look at pullbacks as your opportunity.

S&P 500 Technical Analysis

The S&P 500 has broken above the 5,800 level, which, of course, is a psychologically important figure in an area where traders will be paying close attention. After all, it was previous support and resistance, so market memory dictates that it should be important. Short-term pullbacks see support there as well as the 5,700 level underneath. Again, this is a pretty emotional reaction, and it does look like more momentum is piling into the market to make it melt higher.

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