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

Nasdaq 100 Technical Analysis

The Nasdaq 100 has rallied ever so slightly during the trading session here on Friday in pre-market trading, so the question now is, will New York feel the same? It’s possible that we may see a little bit of continuation as interest rates drop in the United States, but they are still relatively high.

Another question would be what kind of noise and news we are going to get over the weekend, especially concerning the Middle East? It is because of that, even if we do rally on Friday, I don’t expect it to be something massive. I expect it to be more of a grind to the upside.

When you look at the chart, it doesn’t take a lot of imagination to see that we might consolidate after this massive move higher anyway.

Dow Jones 30 Technical Analysis

Contrast that with the Dow Jones 30, which is now at an all-time high. It has broken above a significant amount of resistance, and I think ultimately this is a market that you’ll be buying on dips with an eye on 50,000 as a potential floor in the market. 50,500 is also an area that might offer support. So, I’ll be watching this intraday to see if we can get a little bit of a pullback and a bounce that I can start buying.

S&P 500 Technical Analysis

Finally, the S&P 500 looks pretty healthy. It’s not at all-time highs, but it’s trying to get there. Interest rates dropping in America will help that. Again though, I think we have a situation where this one might have to consolidate a little bit, just simply because it did go straight up in the air, a lot like the Nasdaq 100.

The 7,300 level, for me at least, is a floor in the market. I do think eventually we break out and go beyond the 7,500 level. It just may take a few days of working at it.

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