Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Rise as Rates Dip

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied and at one point even hit a new all-time high overnight, but gave back a little bit as we, I think, more likely than not, are looking at sideways action just waiting to happen. This is a market that shot straight up in the air, so not a huge surprise that it might need to take a little bit of a break.

I like the idea of buying pullbacks. I would love to see the Nasdaq drop back down to the 26,275 level. Will I get that? Maybe not. But either way, pullbacks are the key to getting a decent entry.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it is trying to stay above the 49,000 level after selling off the previous session. This looks kind of like a bullish flag, which could open up a much bigger move, but obviously, we have the barrier of 50,000, potentially causing some issues.

So, I think a short-term pop is possible. I probably would expect more sideways action than anything else. This is healthy for a market that has been very strong recently.

S&P 500 Technical Analysis

The S&P 500 is back to testing all-time highs again. Whether or not it can continue to the upside remains to be seen, but it clearly is a market that is trying to work off that huge move from earlier in the month.

7,000 is your floor. I would love to see it get back there, but again, I don’t think that happens. I think it’s more sideways grinding action, trying to work off all of that momentum, the jump back into the market the past few weeks.

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