NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Look Ready to Gain Again

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied in the early hours of Thursday, as we continue to see a lot of buying pressure overall. With that being the case, I think we may make a run towards the recent all-time highs, but I also would suggest that, more likely than not, we’ll get a little bit of a pullback that offers buying opportunities intraday. The 23,250 level is the first level of support. The 23,000 level after that is your next level of support.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks a little sluggish in comparison to some of the other indices, but the reality is it will move right along with them. The 44,000 is an area that I’m watching very closely, as it has previously been both support and resistance. And therefore, I think we’ve got a scenario where traders are looking at a market that’s probably going to grind higher, perhaps to the 45,000 level.

If we were to turn around and break down below the 50 day EMA, then I think you’ve got a situation where traders probably start to look towards the 200 EMA underneath, but that is not my base case scenario. I do think we end up grinding higher overall.

S&P 500 Technical Analysis

The S&P 500 continues to look very likely to continue to reach towards the all-time high and in fact, might even do it on Thursday. The 6,300 level underneath should continue to be support, right along with the 50 day EMA, which sits just above the 6,150 level. Ultimately, this is a market that has been very bullish for some time and recently has actually been leading the NASDAQ in the middle of the New York trading session. So that might be something worth watching as well. I do like this market. I do think it eventually goes to the all-time highs and beyond, probably as high as 6,500.

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