NASDAQ Index, Dow Jones 30 and S&P 500 Forecast – US Indices Ready to Rise

NASDAQ 100 Technical Analysis

The Nasdaq 100 has risen a bit during the early hours here on Thursday as traders continue to look at this through the prism of a market that is challenging the 50-day EMA. We are in the midst of currently seeing quite a bit of momentum squeezing towards this 50-day EMA and if we can break to the upside, the 26,000 level could be targeted.

Keep in mind, this is also earnings season so there are a lot of moving pieces out there, but it certainly looks like it is buy on the dip right now.

US 30 Technical Analysis

The Dow Jones 30 is looking very positive at the moment, and I think ultimately, we will resolve to the upside. Last Friday, we had a very strong move, and it looks like we have been chopping back and forth, trying to digest some of those gains.

We could find ourselves looking at the 51,000 level. Short-term pullbacks I think offer buying opportunities near the 50,000 level and then again at the 49,500 level. The absolute floor, I believe, is at the 50-day EMA sitting right around the 49,000 level.

S&P 500 Technical Analysis

The S&P 500 is rallying, threatening that crucial 7,000 level. If we can break above there, then it’s likely that we will go much higher.

In that environment, I look for the S&P 500 to eventually resolve to the 7,200 level. Again, we are in the midst of earnings season, so I think this makes sense that we get the occasional choppiness, but I look at each and every dip all the way down to the 6,800 level as a potential buying opportunity.