NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Continue to Pull Back

NASDAQ 100 Technical Analysis

The Nasdaq 100 is drifting lower in pre-market trading on Thursday, as it looks like we are going to continue to pull back from the top of the channel that we’ve been in. At this point, I think the 24,000 level is a significant support level that people will be watching as we are now testing the bottom of the previous session that did cause a little bit of buy on the dip behavior. So, we’ll just have to wait and see.

All things being equal, this is still an uptrend, and I do not wish to short the NASDAQ 100. So, I look at this pullback as a buying opportunity, but you need to see a bit of a bounce and follow through to the upside to get involved.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is now testing the trend line that has been important for some time. And now it looks like we have to ask questions as to whether or not this trend line can hold. If it cannot, then the 45,750 level could get targeted, followed by the 45,000 level, where the 50 day EMA is sitting at. Ultimately, it’s still an uptrend, but again, we may need a short-term pullback.

S&P 500 Technical Analysis

The S&P 500 is behaving identically to the NASDAQ 100 as we continue to just pull back from the top of the channel that we’ve been on. And now it looks like we could go looking at the 6,500 level if things really accelerate. I suspect that the 6,600 level probably attracts a certain amount of attention as well. But when you look at the longer term chart, we’re still very much in an uptrend and it’s hard to deny that.

Yes, we pulled back a bit, but you pull back quite often in uptrends in order to attract more inflows. That might be part of what’s going on here. I don’t see anything that is overly concerning. It just looks like a run of the mill pullback in an uptrend.

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