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

Nasdaq 100 Technical Analysis

The Nasdaq 100 has rallied slightly during the early hours here on Friday, but at this point in time, the market looks as if it continues to struggle right around the 25,750 level. If it can break above there, then it opens up the possibility of a move to the 26,000 level, followed by 26,400. Short-term pullbacks, I do think, offer buying opportunities with the 25,000 level offering a bit of a floor, as it’s not only a large round, psychologically significant figure, but it’s also where the 50-day EMA is currently hanging around.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rallied slightly as well. And it too looks as if it is trying to break out to the upside. In fact, I’d say it’s a little bit ahead of the Nasdaq 100 at this point. But overall, I think they all are starting to say the same thing, that we should eventually rally. The 47,000 level is a major support level in this market at the moment and is also attracting the 50-day EMA. So, I look at pullbacks as long as we can stay above that level as attractive buying opportunities.

S&P 500 Technical Analysis

The S&P 500 has also rallied, and it does look like it’s trying to break out above the 6,900 level. If we could break above the 6,900 level, then I think you’ve got a shot at this market going higher. And with this, I think you have a real shot at a fresh new all-time high. Short-term pullbacks, I do think, offer the opportunity to buy the S&P 500 near the 6,800 level, possibly even the 50-day EMA, assuming that we even get them.

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