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

NASDAQ 100 Technical Analysis

The Nasdaq 100 has fallen a bit during the early hours here on Wednesday, but we are still very much in the same consolidation as the PPI numbers came out at 0 instead of 0.2% expected in America, but retail sales were extraordinarily high.

With this being the case, I think you’ve got a situation where the markets will eventually turn things back around. We’ve seen that multiple times now, and it certainly looks as if tech wants to go higher. If that’s the case, then the Nasdaq 100 should be threatening the 26,000 level rather soon, in my case. We have the 50-day EMA at 25,310 rising from there, offering a bit of support.

Dow Jones 30 Technical Analysis

The Dow Jones 30 sits just above the 49,000 level as I record this video, and it looks like it is going to continue to see interest in this area, as it was previously resistance, and now is offering support. Even if we did break down below there, the 48,000 level is a major floor as well, especially as we have the 50-day EMA sitting just above there.

I do think that the Dow Jones 30 will get to the 50,000 level pretty soon. At this point, all we need is some type of bullish catalyst to get the markets racing to the upside.

S&P 500 Technical Analysis

The S&P 500 has pulled back just a bit during the early hours as well, but really, we’re pretty close to the all-time highs. I do think we break through 7,000 given enough time, and that does kick off the next move higher, but that doesn’t mean we have to do it right now.

It also doesn’t mean that we won’t necessarily pull back towards the 50-day EMA in the process. Regardless, steady as she goes tends to be the mantra here, and buying on the dips tends to be the way forward. I have no interest in shorting this market, and I do think it is probably only a matter of time before we go much, much higher.

For a look at all of today’s economic events, check out our economic calendar.