NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Looking for Fresh News?

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied a little bit during the early hours on Thursday as we continue to at least attempt to grind way higher. If we can break above the shooting star candlestick from Tuesday, then I think that opens up fresh buying. Short-term pullbacks continue to offer buying opportunities. And with that being the case, I think you have to look at this as a market that despite the fact it’s been very choppy. It is one that previously had been very bullish. And I think right now we’re just working off some of that excess froth. Markets are a creature of habit. It will continue the trend unless something comes along that rattles the markets. And right now, I think we’re in the midst of at least trying to pressure the upside.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is a little bit negative in pre-market trading, but only slightly,  so it’s really not something that I would be worried about. With the 44,000 level underneath offering support, a break above the 44,250 level, perhaps, will have this market grind back into what looks like consolidation. This is an area between 44,000 and 45,000 that’s been important in the past, so we’ll see how this resolves itself. But the above move would be extraordinarily bullish.

S&P 500 Technical Analysis

The S&P 500 is somewhat quiet in early Thursday trading as we continue to stare down the 6,300 level. If we can get above 6,300, then this is a market that I think could go a bit higher as we are in the midst of consolidating after a big move to the upside. That’s generally the story here with the U.S. indices overall that we had gotten so overextended multiple times that we had to take some time to work that off. I think that’s all that’s going on here. If we were to break down from here, I see a significant support level based on market memory at the 6,150 level and possibly above there at the psychological level of 6,200. In other words, I think the S&P 500 remains a buy on the dips market.

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