Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Treading Water Early

Nasdaq 100 Technical Analysis

The Nasdaq 100 was choppy early in the trading session on Thursday, and that makes sense because we’re worried about getting through earnings season, but at the same time, the extreme swings to the upside in interest rates. That of course is toxic for most tech stocks, and that will continue to weigh upon the Nasdaq 100. That doesn’t mean I’m bearish—quite the opposite. I think what we’re going to do is consolidate just above the 28,500 level.

Dow Jones 30 Technical Analysis

The Dow Jones 30 tried to break above the 50,000 level early in the session. It is pulling back a bit. If we can break above 50,500, then the market could go much higher. A pullback from here opens up the possibility of buying opportunities, especially closer to the 49,300 level. Quite frankly, we’re just consolidating, killing time, waiting for the next momentum shift to have us go higher is my expectation.

S&P 500 Technical Analysis

The S&P 500, much like the Nasdaq 100, is just simply treading water, and I think that’s fine. We got here awfully quickly, and a little bit of sideways action would do a lot of good for the market.

When we pull back toward the 7,350 level, I think there will be interest in buying this market. I think 7,300 is also an important level of support. To the upside, we have the 7,500 level. I think that is your short-term ceiling. That’s probably where we’re trying to get to; I just don’t know that we do today. I think a little bit of sideways action is honestly the best thing for these indices after the bullish run we had seen.

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