NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Continue to See Buyers Overall

NASDAQ 100 Technical Analysis

The Nasdaq 100 has pulled back just a touch in the early hours here on Friday as we continue to consolidate overall. That being said, the market has been somewhat sideways for a while, and I think what we’re doing is working off some of this excess froth. There were statements coming out of the United States about across the board tariffs again overnight for countries that have not been particularly addressed, but we’ll see how that plays out.

The most important one probably was Canada, where the tensions between the USA and Canadian governments continue to ratchet up. That being said, it looks like the market is still very much in the same consolidation range. So, I don’t know if the market truly cares. It was more or less a knee jerk reaction in Asia.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues to consolidate as well. It is a bit negative in early trading, but it doesn’t take a lot of imagination to see a bullish pennant in this market. And therefore, I think we continue to see buyers on dips. I don’t necessarily think that this is a market that you want to short, but rather to look at pullbacks as potential buying opportunities in a market that is heavily supported near the 43,250 level. If we can break above the 45,000 level, then I think that would be a very bullish sign and that opens up a much bigger move as it would be breaking all-time highs.

S&P 500 Technical Analysis

The S&P 500 has pulled back as well, but again, quite frankly, and I think we’re just simply in the middle of a sideways action working off some of the excess that we had put into the market. And I think short-term pullbacks will more likely than not continue to attract a lot of attention, perhaps getting people to jump in and try to pick up cheap contracts. I believe that the 6,150 level is a bit of a floor, and I think that if we can break above the 6,300 level, this market could really take off to the upside. Well, to wait and see. But again, I think this is a market that has told us no matter how bad the news gets, it just wants to go higher.

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