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

NASDAQ 100 Technical Analysis

The NASDAQ 100 did initially try to rally in pre-market trading, but it just looks a little lackluster. It’ll be interesting to see how people will trade this in New York, as traders are going to have to look at the fact that we have reached all-time highs during the previous session and we have to determine whether or not there’s a reason to continue to push to the upside.

It is summertime, so that does take a lot of the volume out of the market and that might be one of the problems here. We’ll just have to wait and see. Regardless, if we pull back at this point, I do think it’s likely to be a buy on the dip scenario and with this, I think we’ve got a situation where you’re just looking for value that you can take advantage of.

Dow Jones 30 Technical Analysis

The Nasdaq looks a little lackluster, but the Dow Jones 30 looks like it is still in the middle of trying to form a bullish flag. I’m very interested in this because it could give us a signal that we are about to break the high, and therefore, if we do break the 45,000 level, you have to take the measured move, which is basically 48,000. If we break down below the 44,000 level, then perhaps we go down to the 50 day EMA, where we would find even more support. Regardless, this is a market I don’t have any interest in shorting either.

S&P 500 Technical Analysis

The S&P 500 has broken to a fresh new high again, but is struggling a little bit to continue to the upside. With that being said, I think you’ve got a situation where traders are just trying to push to the upside, and it would not surprise me at all if they continued to do so. Whether or not we get some type of explosive move is a completely different question, but when you look at this chart, it just looks like we’re going to get some market memory coming into the picture and allowing the market to continue to go even higher. 6400 is the next target, from what I can see.

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