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

NASDAQ 100 Technical Analysis

The Nasdaq 100 is reaching towards the 30,000 level, which, of course, is a large, round, psychologically significant figure. If we can break above there, then the market will probably go looking to the 30,600 level. Short-term pullbacks, I think, open up the possibility of buying value. The 50-day EMA sits just below the 29,000 level and is offering support as well. I think we continue to just grind our way to the upside. This is a market that I think opens up quite a bit of momentum eventually, but in the meantime, we are trying to sort out whether or not this consolidation area allows for a continuation of the trend.

Dow Jones 30 Technical Analysis

The Dow Jones 30 finds itself at the 52,000 level yet again, and breaking above there opens up a move to the 53,000 level. Short-term pullbacks, I think, see plenty of support at the 51,500 level, as that’s an area that’s been supported over the last week or so. With interest rates starting to head lower, I think that adds more credence to the idea that people will be buying stocks in New York.

S&P 500 Technical Analysis

The S&P 500 is a little bit sideways early during the Thursday session, but overall looks supported. The 50-day EMA has caused the bounce. The 7,500 above, I think, is a little bit of a barrier. If we can break above there, then 7,600 gets targeted. That is what I expect to see eventually, but I also recognize that we’re in a bit of consolidation right now, a little bit of choppiness after a straight shot up in the air, and it would make sense to work some of this off. So, I’m not expecting massive, quick moves; I’m expecting more of a gradual drift or grind higher.

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