NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Continue to Power Higher After NFP

NASDAQ Technical Analysis

The Nasdaq 100 has rallied a bit during the early hours on Thursday as the NFP announcement came out much hotter than anticipated. The market now looks as if it is trying to just simply rip to the upside. If that is, in fact, going to be the case, there’s really no way you can short this market. Any trade that you see set up on a pullback is probably going to attract a lot of attention, but you should also keep in mind that Thursday is a short day and Friday is a no day.

So, there will be a lot of weird movements on Thursday as it is a holiday on Friday. Obviously, we have a situation where a lot of people will be looking at perhaps stepping away from their desk, but this is clearly a bullish market.

Dow Jones 30 Technical Analysis

The Dow Jones 30 also looks as if it is trying to do everything it can to break to the upside. But ultimately, this is a market that is a little stretched. We need to get a pullback in order to find some value here. But really, at this point in time, it just doesn’t seem like the market is willing to do much other than the upside. And with that being the case, I like this as a market that eventually takes out the highs at 45,000.

S&P 500 Technical Analysis

The S&P 500 is just ripping to the upside, and I think that’s essentially what you have to look at it as, only market that just has nowhere to be but higher. With that being the case, I do appreciate this as a market where if we do in fact get a little bit of a pullback, it’s a buying opportunity. The market had rallied after a weak ADP number on Wednesday, suggesting that the Federal Reserve would have to cut. And on Thursday, it is rallying because the jobs number is strong, and the economy is so strong. That tells you that the market only has one direction in mind and that’s higher.

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