Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Continue to Grind

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially fell a bit during the trading session on Monday. The market does look like the 30,000 level is coming into the picture to offer support yet again. That being said, this is a market that I think continues to look at the overall attitude of trying to find value each time we drop.

The market is likely to test the 30,750 level again. That is a barrier that’s been difficult to overcome, but I also realize that we have a market that has been a little overextended, so some of this sideways action does make a certain amount of sense.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks very much like a market that I think is probably going to find support and continue to grind towards the 52,000 level. The 52,000 level is an area that will more likely than not continue to be resistant. If we can break above there, then you could be looking at a move to the 53,000 level. Ultimately, the Dow Jones 30 rises over the longer term, still from what I see.

S&P 500 Technical Analysis

The S&P 500 initially fell but then turned around to show signs of life near the 7,500 level. The 7,500 level has been like a magnet for price. The 7,600 level above is a potential target. If we can break above there, then we can continue to go much higher.

If we fall from here, the 7,400 level is short-term support. I’ve got no interest whatsoever in shorting any of these indices, and I do think they go higher over the longer term.

If you’d like to know more about chart patterns and how to trade them, please visit our educational area.