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

NASDAQ 100 Technical Analysis

The NASDAQ 100 has shown itself to be positive in pre-market trading, now that we have got the Nvidia earnings out of the way. At this point in time we find ourselves still grinding to the upside and trying to get to the $24,000 level. Short-term pullbacks will continue to see plenty of support, especially near the $23,250 level, but we also have the uptrend line and 50-day EMA both climbing at a 45-degree angle, offering a bit of a floor.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rallied a little bit during the pre-market trading to test the highs again, but really at this point I think you’ve got a situation where short-term pullbacks will continue to attract a certain amount of attention. I think there is massive support all the way down to the 45,000 level. As long as we can stay above the 45,000 level, then it’s likely that we will go higher. Any break from here probably opens up a move to the 46,000 level, possibly even higher than that given enough time.

S&P 500 Technical Analysis

The S&P 500 continues to find buyers as well, but it also continues to see the 6,500 level as a bit difficult to get above. If we can break above there, then the market could go much higher, perhaps reaching to the 6,600 level. Short-term pullbacks, I think, open up the possibility of buying opportunities, with the 6,400 level offering a bit of a floor. I think with the monetary policy loosening, at least at this point, traders are still willing to jump into the stock market and take advantage of any momentum that appears.

I have no interest in shorting and with a 50 day EMA almost acting like a trend line, I think that shows you the overall attitude of the markets. Keep in mind that the volume is down a little bit this time of year as a lot of the institutional traders are away on vacation. So that might be part of what we’ve seen over the last couple of weeks.

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