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

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially pulled back just a bit, only to turn around and show signs of life as we see plenty of upward momentum. And now it looks like we are trying to perhaps break out of this little area of consolidation. In fact, we tried it during the session on Wednesday, but it got rejected a little bit. At this point in time, I suspect it is probably only a matter of time before we go higher. And with the lack of economic announcements of any great importance, that might be the catalyst for sending the market higher. After all, there aren’t as many things as possible to worry about, but we’ll just have to wait and see how that plays out. Ultimately, short-term pullbacks should end up being buying opportunities in this market.

Dow Jones 30 Technical Analysis

The Dow Jones 30 also initially dipped a bit during the session, but now it has turned around to fight back, and it looks like we are going to try to grind towards the 45,000 level. The 45,000 level, of course, is a large, round, psychologically significant figure, and it’s an area where we had formed a double top previously. What this tells me is we are likely to see a lot of trouble in that area, but I also recognize that this is a market that more likely than not will eventually get there and eventually break above it. Quite frankly, it’s almost preordained at this point, but keep in mind that the Dow Jones 30 had shot straight up in the air and now is working off some excess froth.

S&P 500 Technical Analysis

The S&P 500 also initially fell a bit during the trading session, only to turn around and show signs of life again. At this point in time, it looks like the market is trying to do everything it can to break higher, perhaps breaking above that 6,300 level and continuing on its way to the upside. We had rallied significantly, we had gone sideways a little bit forming maybe something like a bullish flag, at the very least working off some of the excess and now, it looks like we are going to try to continue to run higher. Quite frankly, it just looks to me like the markets want to go higher and short-term pullbacks continue to offer potential buying opportunities in a market that has just launched from the lows.

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