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

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied a bit in early trading, but it does look like it is starting to struggle above the 25,000 level, with good earnings overnight via Nvidia. That gives us a bit of a boost. Now the question is whether we can break above the Monday candlestick, because that would be a sign that we are going much higher. All things being equal, short-term pullbacks should continue to see at least some value hunting, and choppy but perhaps slightly more positive behavior is probably the best way to look at this market.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rallied enough to test the bottom of the previous channel, and that is backed up by the 50-day EMA. If we can rise above the 50-day EMA, then it is likely that the Dow Jones 30 will go looking to the crucial 47,000 level. If we fall from here, the 45,000 level could be the next target, but we will have to wait and see. Overall, it is still a bullish market, although it did pierce the channel for the last day or two.

S&P 500 Technical Analysis

The S&P 500 finds itself struggling with the previous uptrend line, which could offer a bit of resistance. But if we continue higher from here, the 6800 level will be targeted, and this will be just another dip along the way to higher levels. There is probably quite a bit of buying pressure in this market, so this looks like a market where you find value occasionally and continue to the upside. Each dip at this point continues to be an opportunity, and that is likely to remain the case.

Keep in mind that all three of these indices may be getting ready to see the so-called Santa Claus rally in the next couple of weeks, as money managers try to catch up to the indices they are benchmarked against. It happens most years—though not all.

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