Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Trying to Rally Early on Wednesday

NASDAQ 100 Technical Analysis

The Nasdaq bounced just a bit during the early hours on Wednesday as we are trying to recover from that massive sell-off during the previous session. Ultimately, I do think that we head back towards the 30,000 level. We’ll see whether or not we can hang on to gains, though, because this has been a very difficult area to stay above.

If we end up falling from here, then the 28,500 level is likely to be supported. The market, at the very worst, at least at this point, I think this is a market that’s trying to consolidate. We had shot straight up in the air, and now maybe working off some of the excess froth makes sense. Regardless, I still see this as a positive market.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues to threaten the 52,000 level, an area that a lot of people will be watching very closely. The 52,000 level is likely to remain important psychologically, but if we can break above there, then we can look to the 53,000 level. Short-term pullbacks are buying opportunities.

S&P 500 Technical Analysis

The S&P 500 has turned around to show signs of life with the 50-day EMA offering support. The market is likely to go looking to the 7,500 level. The 7,500 level is an area that, once we break above, the 7,600 level is the next target.

I think this is much like the Nasdaq, and it should be; they’re basically the same index these days, with the same handful of stocks moving them, where we just have this massive shot higher and then going back and forth. Ultimately, this is a market that I think continues to go higher. I like buying dips.

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