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

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied slightly during the trading session in the early hours of Wednesday, as it looks like the 23,000 level is, in fact, trying to hold as support. It had been significant resistance previously, and of course, it is a large round, psychologically significant figure. So that makes a certain amount of sense. I think pullbacks continue to be buying opportunities in what has been a very strong stock index, and of course, one that is getting ready to head into earnings season. So, any good news would be welcomed, perhaps to send us higher.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has broken above the top of a bullish flag that I had been talking about. And now I think we’ve got a situation where we could go looking to the 45,000 level. Given enough time, I anticipate that we will not only reach the 45,000 level, but I think we will also see this market go looking at much higher levels, well above the 45,000 level, to perhaps 46,000, given enough time.

Short-term pullbacks should be thought of as potential buying opportunities in a market that’s been very strong. And I don’t think that’s going to change anytime soon. The 44,000 level is significant support in the bottom of the flag. But as things have broken out, I’m not looking forward to a return at this point, but I do expect a big fight at 45,000.

S&P 500 Technical Analysis

The S&P 500 is breaking to fresh highs again, and it looks like it’s only a matter of time before we take off to the upside. When we get that momentum, we could go to the 6,400 level rather quickly but also keep in mind that there is a certain lack of momentum this time of year, and perhaps more importantly, volume at times. This may take longer than you anticipate, so be comfortable with being patient. I have no interest in shorting this market, and I think that any pullback at this point will offer value that people are more than willing to jump in and take advantage of.

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