NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Continue to Look Bullish

NASDAQ 100 Technical Analysis

The Nasdaq 100 has rallied ever so slightly during the early hours here on Wednesday as we continue to see a lot of upward pressure. All things being equal, I think that short-term pullbacks do get bought into, but you should also understand that later in the day, we get the FOMC meeting minutes and that could cause a little bit of noise. Nonetheless, the market should have a hard floor in it near the 22,250 level, an area that previously had been a major resistance barrier. Short-term pullbacks, I believe, continue to offer value. And I do believe that the NASDAQ 100 goes to the 23,000 level sooner rather than later.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rallied a bit as well after selling off earlier in the week. But ultimately at this point, I think we’ve got a situation where we probably go looking towards the 45,000 level sooner rather than later. And in the short term, I anticipate seeing a lot of back and forth as we had shot straight up in the air. And now it looks like we are just working off some of the excess. And ultimately, I believe that we will eventually break above the 45,000 level.

S&P 500 Technical Analysis

The S&P 500 also looks as if it is ready to go higher. And with that being said, we are in the midst of consolidation. As we have shot straight up in the air, it looks like we’re trying to base a bit and then perhaps continue higher. The 6300 level above is an area that I think a lot of people would be watching. And the move above opens up the possibility of a move towards the $6,400 level. A pullback from here should see plenty of support near $6,150 as it was a previous all-time high and there will be a certain amount of market memory attached to that level.

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