NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Creep Slightly Higher

NASDAQ 100 Technical Analysis

The Nasdaq 100 has rallied a bit during the early hours here on Thursday as we wait for CPI and of course the ECB interest rate decision and perhaps more importantly, the press conference in case they say something to upset the market. Short-term pullbacks should see plenty of support at the bottom of the channel, with the 50-day EMA backing it up and of course the 23,250 level offering a bit of support. The 24,000 level continues to be very difficult to break through, but it certainly looks like NASDAQ traders are going to try to get above there.

Dow Jones 30 Technical Analysis

The Dow Jones 30 was slightly positive yet sideways during the last week or so. And at this point in time, we are in a rising wedge. If we break down from here, it’s likely that we would test 45,000 for support, especially now that the 50-day EMA is racing there. And of course, you have to keep in mind there’s plenty of market memory in that general vicinity to get people excited regardless. The question is, will this rising wedge break? If it doesn’t and we just go sideways, then this just ends up being more of the same kind of impulsive action and then a bit of consolidation.

S&P 500 Technical Analysis

The S&P 500 has risen a bit during the trading session here on Thursday as well, trying to take out the highs of the Wednesday session, which of course are the all-time highs. The 6500 level on the chart here represents a significant large, round, psychologically significant figure that people will pay close attention to, as it was previous resistance. A short-term pullback from here could offer a bit of buying pressure, and it’s likely that we could go looking at the 6600 level above.

Next, a lot of what goes on in this market is just simple grinding higher based on the idea that the Federal Reserve is going to cut interest rates. As long as that is still the psyche of the market, you have to assume that buyers will be here for every time it wiggles a little bit.

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