NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Look Positive in Premarket Trading

NASDAQ 100 Technical Analysis

The Nasdaq 100 has found itself a little bit positive in pre-market trading as it looks like we are, in fact, trying to continue the upside. We had broken above the top of the channel and had a little bit of a wiggle during the Thursday session, but it does look like that previous resistance is starting to offer support. With that being the case, it’s not a huge surprise to see that we are going to be threatening a breakout to the upside. I do think that, given enough time, the Nasdaq 100 goes looking to much higher levels.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is trying to turn things around, but this might be the outlier of all of the indices in this video because, quite frankly, the last couple of sessions have been a little lackluster, to say the least. We rally and then give back those gains, and quite frankly, until we break above the highs of the previous couple of sessions, you can’t really count on it going higher. I think eventually it will, but this is definitely a market that has a lot of overhang here. The 47,000 level should end up being significant support and a potential floor in the market. If we can break out to the upside, clearing that 48,000 level, then we could go higher.

S&P 500 Technical Analysis

The S&P 500 is starting to rally in pre-market trading as well, and much like the Nasdaq 100, it had a little bit of a wiggle on Thursday. Ultimately, I think you’ve got a situation where the 6,800 level is going to end up being significant support, as it’s not only where we gap from but also an area that previously had been resistant. Short-term pullbacks, I think, continue to offer value, and that’s exactly how I’m going to play this market. Eventually, the S&P 500 should go looking to the 7,000 level, the next large, round, psychologically significant figure the market tends to like.

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