NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Continue to Look for Higher Levels

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied pretty significantly during the early hours on Thursday but also gave back quite a bit of the gains. All things being equal though, this is a market that’s been very powerful and bullish for some time. So, I think the NASDAQ 100 will eventually try to reach the all-time highs. We are facing the initial surge of selling pressure back in February.

So, I expect this part to be very noisy. The last couple of percent of a move typically is. If we can clear the $22,200 level, this market will take off. Regardless, I think any short-term pullback at this point in time is going to be bought into. And if we were to drop to the 21,000 level, I think there are plenty of buyers in that area.

Dow Jones 30 Technical Analysis

The Dow Jones 30 tried to rally but gave back its gains pretty early in the session. It still looks as if it is supported at the 42,000 level, which we’re not too far above. So, I think a short-term pullback is possible, followed by a bounce. The 50-day EMA is getting ready to try to break above the 200-day EMA, kicking off the so-called Golden Cross, which does have a bit of influence. I am a buyer of this index. I just recognize we have some work to do and probably will chop quite a bit in this area.

S&P 500 Technical Analysis

The S&P 500 initially rallied. It touched the 6,000 level and then just fell apart. If we can break above the 6,000 level again, that would obviously be a very bullish sign. But like in the NASDAQ, we are facing that initial push lower, and that probably is going to be somewhat difficult. I do like the S&P 500 eventually, but we may need to go sideways for a while in order to work off some of the noise that we continue to hear out of headlines, such as the federal judge striking down the idea of tariffs in the United States, which of course will tie it up in a legal battle. Truthfully, from everything I’m seeing, that will probably be overturned pretty quickly. So here we are.

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