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

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied during the trading session on Friday, but we are starting to give a little bit back. All things being equal, this is a market that I think will find buyers underneath to perhaps try to support it.

I had also put in a potential support level at 27,000 now, as it is a large, significant whole number, and it’s an area where we’ve seen a little bit of a bounce. I think we need a little bit of grinding sideways action and rates to drop to truly take off to the upside. As things stand right now, though, I think the absolute floor is 26,275. It would not surprise me at all to see a little bit of noise on Friday as it’s the beginning of the month, but at the same time you have to worry about whatever happens over the weekend.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it’s going to continue its massive move to the upside that we saw on Thursday, as Friday is starting to look green as well. That being said, pay attention to the 50,000 level. This is an area with a large, round, psychologically significant figure and previous resistance just waiting for the market.

Keep in mind that the earnings of major oil conglomerates will probably help here. So, with that being said, I do think this is a buy on the dip market, and whether or not we can break 50,000 during the session remains to be seen.

S&P 500 Technical Analysis

The S&P 500 is at all-time highs. It gave back some of the gains from there. Again, I think this is a buy on the dip scenario. We probably have some type of support near the 7,100 level, but I think the real support is closer to 7,000. So as long as we can stay above that little area, I believe that the S&P 500 remains a buy on the dip market. Again, though, we’re heading into the weekend, it’s kind of hard to have a huge position when who knows what can be said or done after the markets close.

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