NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Continue to Look Forward and Upward

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been somewhat sideways over the last couple of days, and it looks like we are winding up for more momentum again. The PMI numbers will have a certain amount of influence, but ultimately this is a market that’s been in an uptrend for some time. So, I think the 50-day EMA has to be paid close attention to as potential support, right along with the 20,000 level underneath.

If we can break above the 21,000 level, then we could challenge 21,200 which opens up much higher levels. Considering that we’ve done fairly well through the earnings season, I think that’s a very real possibility.

Dow Jones 30 Technical Analysis

The Dow Jones 30 pulled back slightly, a little bit that is, in the early hours of a Friday, only to find support at 43,750. This suggests that there are buyers underneath willing to get involved, and I think it’s probably only a matter of time before the Dow Jones 30 continues to go higher. With a little bit of imagination, you can see the bullish flag that’s being formed.

So, we’ll have to wait and see if that kicks off. If it does, that could send this market looking towards somewhere around the 46,000 level based upon the measured move. If we do pull back from here, the 50-day EMA sits right around 42,700 and is rising. So that could be an area where you would expect to see a certain amount of support.

S&P 500 Technical Analysis

The S&P 500 gapped higher, pulled back bounced and now looks like it’s trying to go positive already as we head into the New York Session. The most important thing to pay attention to here is going to be the $6,000 level. If we can get a daily close above the $6,000 level, that would be a very bullish sign and could send this market much higher.

In the meantime, short-term pullback should see the $5,850 region as support right along with the 50-day EMA. Keep in mind that even with higher interest rates, the S&P 500 has been climbing for some time, and of course, again, earning season has been okay, so I think Wall Street’s breathing a little bit of a sigh of relief as it continues to buy each and every dip along the way.

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