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

NASDAQ 100 Technical Analysis

The NASDAQ 100 pulled back just a bit during the early hours of Thursday as we continue to see quite a bit of back and forth noise, but I do think the one thing to pay close attention to is the fact that when we did drop, the 50-day EMA acted as support and we have turned things around.

We did get Nvidia earnings after the bell during the previous session and that has a certain amount of influence. And while Nvidia sold off, the numbers actually beat what were expected as result. So I think you could see a situation where if the market were to break above the highs of the Wednesday session, that could really get the NASDAQ 100 moving.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has shown itself to be pretty resilient. We initially pulled back a bit, now it looks like we’re going to try to extend that move to the upside. Given enough time, I do think we break out to the upside, perhaps looking to the 50,000 level and then beyond. Short-term pullbacks should continue to see support near the 49,000 level.

S&P 500 Technical Analysis

The S&P 500 has been fairly choppy and quiet in the early part of the trading session as we continue to look at the 7,000 level as a large round psychological figure and an area that I think a lot of people will be watching very closely.

If we can break above the 7,000 level, that could open up a move to the 7,200 level, which would be a measured move of the recent consolidation. I have no interest whatsoever in shorting this market.