NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Continue to Look Bullish

NASDAQ Technical Analysis

The Nasdaq 100 pierced the 22,000 level during the pre-market hours as we continue to see upward pressure. The fact that Iran and Israel are now in the midst of a ceasefire, of course, has people excited. And this, of course, has more of a risk on move. That being said, we threatened the all-time highs overnight and pulled back a bit. Whether or not we can break out to the upside remains to be seen, but I certainly would not be selling this market. I think it’s more or less a buy on the dip scenario as things stand right now. The 21,500 level should be considered a short-term floor.

Dow Jones 30 Technical Analysis

The Dow Jones 30 rallied towards the 43,000 level but gave back a bit of the gains. If we break above the 43,150 level, then it opens up the possibility of a move to the 43,750 level. You can see that we have been forming a massive bottoming pattern, something akin to an inverted head and shoulders, and the Dow Jones 30 has more or less trailed the Nasdaq 100. But I still think this is the market where we are buyers of dips, with 41,750 being a very important support level.

S&P 500 Technical Analysis

Finally, the S&P 500 has broken above the 6,060 level, but it’s not at all-time highs yet. It is more likely than not going to continue going higher, but it’s probably worth noting that the $6,150 level will be difficult to get to. I do favor the upside overall, and I think at this point in time, there would be a lot of interest if we dropped to the $6,000 level. But in general, this is a market that will probably continue to try to get to that all-time high after that vicious sell-off. The peace in the Middle East might be the excuse, we just don’t know.

For a look at all of today’s economic events, check out our economic calendar.