NASDAQ Index, S&P 500 and Dow Jones Forecast – US Indices Attempt Overnight Recovery Despite Holiday

Nasdaq 100 Technical Analysis

The Nasdaq 100 has rallied ever so slightly in electronic overnight trading but keep in mind this is Presidents’ Day in the United States, so the actual index itself won’t be. With that being the case, I think you have to look at this from the totality of the longer-term chart, and it does look like it’s trying to recover.

I had said previously that I’m bullish above 25,000. That remains. I think we’re still stuck here dancing through earnings season. Really, at this point in time, there’s a lot of fear about the Federal Reserve and Wall Street whining about a lack of cheap money. The reality is, though, earnings season could give us some surprises. There are some concerns about artificial intelligence still.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks a little healthier. It looks like we are in a nice, gentle uptrend. Industrials do seem to be outperforming most other types of stocks, so it does make a certain amount of sense. The idea of stimulu,s perhaps, the idea of trade barriers being knocked down, or it might just be the fact that these are all blue-chip stocks.

Short-term pullbacks offer buying opportunities from everything I see with the 49,000 level and the 50-day EMA, which is just below there, offering support.

S&P 500 Technical Analysis

The S&P 500 is still trying to stay within its range of 6,800 at the bottom and 7,000 on the top. I think that continues to be the case here for a while, although eventually this probably resolves to the upside.

A break above the 50-day EMA would be the first bullish sign, followed by a break above the 7,000 level. Again, we’ll be closed on Monday, but in the next couple of days, I’m assuming, based on what I’m seeing here, we’re probably going to try to claw our way back to the upside.