Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Look to Rally into the Holiday

NASDAQ 100 Technical Analysis

The Nasdaq 100 has rallied a bit during the early part of the trading session on Thursday. We are back above the 30,000 level, and I think ultimately what we have here is a situation where we are just grinding back and forth. That makes a certain amount of sense because we are trying to figure out whether or not we can continue the overall uptrend.

And of course, you have to keep in mind that Friday is Juneteenth in the United States, so the markets will be closed. So, I would anticipate living here in this range for a little while longer. Longer term, I do believe in the upside.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it is rallying during the day as well in pre-market trading. The 52,000 level could be a bit of a target. Anything above there obviously would be very bullish, but I also believe that we have a scenario where any dip looks to be bought into, as there seems to be plenty of buyers out there. I have no interest in shorting, and I do think we break to a fresh new high over the next couple of trading sessions, but again, remember Friday is a holiday.

S&P 500 Technical Analysis

The S&P 500 looks like it’s trying to break above the 7,500 level. And after that, we could have a move towards the 7,580 level. Short-term pullbacks continue to be buying opportunities. The 50-day EMA right around the 7,300 level is an area that I think should continue to offer support.

Ultimately, I do think we make it back to the highs again, but in general, this is a market that will remain very volatile, very choppy, but ultimately, I do think that the buyers will continue to step in and defend.

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