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

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied just a bit during the early hours on Friday before pulling back just a bit. All things being equal, this is a market that I think if we do pull back from here, it’s likely that we would see plenty of buyers underneath willing to get involved. The 23,250 level for me is a floor, but really at this point in time, I think we wouldn’t even pull back that far. If we can break above the top of the shooting star from the Wednesday session, then that frees this market to start looking towards 25,000.

Dow Joens 30 Technical Analysis

The Dow Jones 30 has finally shown itself to be able to break above that crucial 45,000 level. And by doing so, this is a market that I think is finally broken out and is finally ready to go higher. Short-term pullbacks will end up being buying opportunities with the 45,000 level being a significant support level now that it was violated as resistance. All things being equal, I think this is a market whose time is due.

S&P 500 Technical Analysis

The S&P 500 has rallied a bit to threaten the 6,500 level, but we have not been able to break above there yet. I think short-term pullbacks at this point in time will end up being buying opportunities. And if we do pull back from here, the 6,350 level, I believe, is a significant amount of support just waiting to happen, and if we break down below there, then you’ve got $6,300 as well. Ultimately, I have no interest in shorting this market. I think this is a market that will continue to find plenty of buyers, especially as traders are starting to price in the idea of interest rate cuts coming out of the Federal Reserve.

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