NASDAQ Index, S&P 500 and Dow Jones Forecast – US Indices Looking to Continue Recovery

Nasdaq 100 Technical Analysis

The Nasdaq 100 looks a little bit positive during the early hours here on Wednesday as we continue to threaten to break above the 25,000 level. If we can break above the 25,000 level, then it opens up the possibility of a move to the 50-day EMA.

Short-term pullbacks, I think, do offer buying opportunities in a market that, quite frankly, has been range-bound for a while. When I look at the Nasdaq 100, it’s worth noting that some of the bigger companies in the Nasdaq 100 are looking good in the premarket.

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially rallied during the session but it has rolled over a little bit here in early trading and while I don’t necessarily think it’s something that you want to short, I think it does make a little bit of sense because if we start to have a little bit more of a risk on type of move, some of these blue chips may suffer at the hands of some of the beaten down AI stocks as an example.

We’re still very much on an uptrend and I believe that the 49,000 level continues to be on a nice floor, especially now that we have the 50-day EMA and the uptrend line all meeting right in the same area.

S&P 500 Technical Analysis

The S&P 500 is trying to break above the 50-day EMA, and it certainly looks like it is trying to turn things around. We have been stuck between the 6,800 levels at the bottom and the 7,000 level at the top.

If we can break to the upside, the 7,000 level will continue to be a major ceiling, but someday, hopefully in our lifetime, we’ll see the S&P 500 finally break above the 7,000 level. It’s been tight for roughly 2.5 months; sooner or later, something has to give. I like buying dips as long as we can stay above 6,700.