Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Still Showing Strength Overall

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied a bit during the early part of the Wednesday session as it looks like we are in fact trying to do everything we can in order to continue the longer-term uptrend. I do think that structurally speaking, this is a very positive market, and I do think this is also a market that if we do pull back, you’ll be looking at it through the prism of trying to find some type of value. Nonetheless, this market will continue to be very bullish and now that we have broken above the 30,000 level, that gives us an opportunity to see an even bigger run higher.

Dow Jones 30 Technical Analysis

The Dow Jones 30 rallied a little bit, but it is not strong enough to maintain those gains and I think you’ve got a situation where traders are going to continue to look at this as a market that on short-term pullbacks, we could see plenty of support near the 50,400 level and then eventually the 50,000 level.

S&P 500 Technical Analysis

The S&P 500 also looks bullish longer-term, but I think you’ve got a situation where traders are going to continue to see lots of short-term pullbacks and the potential for a bigger move to the upside. The 7,600 level is an area that I think attracts a lot of traders. I think 7,400 is a pretty significant support level and I just don’t have any interest at all in trying to short this market. I think given enough time, we go much, much higher.

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