NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Pull Back a Bit Early

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied a little bit during the early part of the trading session here on Thursday, but it does look like 25,000 is going to continue to be a bit of a headache. If we can break above there, then it opens up the possibility of reaching towards the 50-day EMA.

Anything above there opens up the possibility of a return to recent highs. As of late, there have been a lot of concerns about the artificial intelligence bubble and everything involving that, and it has been causing some problems.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back slightly during the early part of the trading session on Thursday as we continue to grind back and forth but quite frankly, this is a market that I think continues to see the 49,000 level as support right along with the 50-day EMA and the uptrend line.

To the upside, if we can break out, we need to clear the 50,000 level to really start to pick up quite a bit of momentum. I have no interest in shorting this market.

S&P 500 Technical Analysis

The S&P 500 looks like it is going to be a little bit soft as well. But again, this is a market that’s been consolidating for some time in a 200-point range. In fact, you can make an argument that this started somewhere right around the middle of December and if we rally towards the 7,000 level, you hope to see some type of breakout there, which could really send this market much higher.

The base pattern that we have formed recently does measure for a move to the 7,200 level on a breakout and I do think we will get there eventually, but we just need some type of catalyst to get that going.

With the PCE Price Index coming out on Friday, maybe that’s what gets things moving. We’ll just have to wait and see.