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

NASDAQ 100 Technical Analysis

The NASDAQ 100 has shown itself to be rather resilient in the early hours of Thursday, but at this point in time, it looks as if the 25,000 level will continue to be important. If we can break above the 25,000 level, then we will challenge the sell-off from last Friday, which breaking above there would be a very bullish sign.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it’s trying to go higher as well. It’s worth noticing that during the session on Wednesday, the market broke above the top of the Friday Candlestick. So, I think you’ve got a situation where the Dow Jones 30 could lead the rest of them if it breaks out first and drag the market with it. 47,000 is an area that I think continues to offer a bit of resistance as it was the swing high. All things being equal, this is a market that short-term pullbacks continue to be buying opportunities, with the 50-day EMA potentially offering support near the 45,700 level.

S&P 500 Technical Analysis

The S&P 500 is bullish during the trading session here on Thursday in the pre-market trading, it does look like we’re going to try to do the same thing here. It’s all about, for me at least, trying to take out that nasty candlestick from Friday of last week. If we can, that would be a huge victory for market participants. Ultimately, it looks like short term pullbacks will continue to be buying opportunities.

And I fully anticipate that people will be watching very closely to see whether or not we get any type of value. Keep in mind, there’s an uptrending line underneath that should offer a bit of support, with the 50-day EMA backing that up as well. So, I do like buying dips. I do think eventually we will break out to the upside and probably clear the 6,800 level over the next several sessions.

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