Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Continues to Look Hot

NASDAQ 100 Technical Analysis

The NASDAQ 100 looked a little stalled in the early hours of Thursday as we continue to see bullish pressure in general, but I think we just got a little bit overdone and a little bit of a pullback, personally, I think is a great thing for this index. It’s obviously one you do not want to get short of, so with that being said I think you’re just simply waiting for some type of value.

That value could be a drop down towards the 28,000 level. We could, of course, take off to the upside, but really, it doesn’t look very likely at the moment. I think you’ve got a situation where when we do pull back, there will probably be traders willing to get involved and pick up value, but the 28,000 level, for me at least, is a major floor that would definitely attract quite a bit of attention.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues to struggle with the 50,000 level. That makes sense, it’s a huge round number and that does tend to attract a lot of trading. If we can clear this area, it opens up a move to the 50,500 level. Anything above there is fresh new territory and we just continue to go higher. Short-term pullbacks, I think, are bought into, but it probably takes a little bit of patience and hesitation to get involved in that dip. Somewhere around 49,500 would be ideal on the pullback.

S&P 500 Technical Analysis

The S&P 500 is breaking into a fresh new territory. It simply does not want to fall. But again, I think we’ve got a situation where we’re just a little overdone. I’d like to see a move back towards the 7,300 level, but we’ll have to wait and see whether or not we get that. We may just get sideways consolidation, but either way we really do need to work off some of this froth. The move in the stock market has been exacerbated. It almost looks like a short squeeze, if you will.

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