NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Look to Rally on Monday

NASDAQ 100 Technical Analysis

The Nasdaq 100 has pulled back just a touch in the early hours here on Monday, but you can see the 25,000 level has offered a little bit of a floor. With that being said, I think you have a situation where traders are going to try to take advantage of this dip and perhaps buy any cheap opportunity for owning contracts they can. The market has been bullish for a while, we are heading into earnings season, and we now have the name of the nominee for the Federal Reserve Chairman spot. So now, it looks a lot like a market that is going to continue the overall grinding higher attitude that we have seen.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it is ready to rally as well, with the 49,000 level being a little bit of a pivot point, but I do think it is minor at best. The 50-day EMA has held as support, and I do believe that we will eventually go looking to try to get above the recent highs and test the 50,000 level. I really do not see how we do not at least get there given enough time.

S&P 500 Technical Analysis

The S&P 500 looks very much the same, initially pulling back a bit only to turn things around and show signs of life again. With that being said, this is a market that I think is trying to get back to the 7,000 level. The 7,000 level, of course, is a large, round, psychologically significant figure and an area that, once we break through, will capture a lot of attention, in my estimation. I have no interest whatsoever in shorting this market, and I do think that the 6,800 level, at least at the moment, is going to continue to offer a significant amount of support.

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