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

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially did try to rally a bit during the trading session here on Thursday, but we are banging up against the top of the overall channel, and I think that probably comes into play here. So, with that being the case, a little bit of a pullback really wouldn’t surprise me. You do have a situation where a lot of traders are going to be looking at this through the prism of a market that is still bullish but may need to take a little bit of a breather.

That’s fine. That’s normal. And that is to be expected. The 50 day EMA is all the way down at 24,000, so we’ve got quite a bit of distance that we could drop before we really have to worry about the trend changing. We could see the 25,000 level offering support as we have broken through it, and it is now probably going to have a little bit of market memory.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is fairly quiet during the trading session. So, we’ll have to pay close attention to it, but I think you’ve got a situation here where traders are going to be looking at this as a market that is trying to stay with these trend lines, which have been so important for several months, going all the way back to June. Even if we break down below there, the 46,000 level should offer support. Again, this is like the Nasdaq 100, perhaps it is a little extended, but should see plenty of buyers on dips.

S&P 500 Technical Analysis

The S&P 500 finds itself fairly quiet during the session as well. And I think at this point, you have to look at it through the prism of a market that is just going higher at a 45 degree angle. We do have an uptrend line that offers a bit of support that is backed up by the 50 day EMA. And the 6800 level above is trying to offer a significant amount of resistance. We’ll see if we can break above there. It is a large, round, psychologically significant figure, but at the end of the day, there’s nothing special about it. This is a nice grind higher. I think it continues, but the occasional pullback offering a little bit of value should be looked at as such.

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