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

NASDAQ 100 Technical Analysis

The Nasdaq 100 has dropped a bit during the early part of the Friday session as we continue to see the same overall channel hold though. The 23,250 level, I believe, is a significant support level because we have a previous amount of action there in both support and resistance and we also have the uptrend line. The 50-day EMA is racing towards there as well and therefore I think you have a nice recipe for a potential support level. If we do rally from here, then I think we’re looking at trying to get to the 24,000 level.

Dow Jones 30 Technical Analysis

In the Dow Jones 30 we’ve seen a little bit of a pullback early on Friday, but really at this point in time, we’re just kind of chopping around bank and forth trying to figure out where to go next. I do believe that the 45,000 level is an area where we will see support based on previous resistance. Short-term pullbacks, I think, are very likely, but given enough time, I think we break above the 45,750 level and then go looking at 46,000, possibly even higher than that. We’ve been in an uptrend for quite some time. I don’t see that changing very quickly.

S&P 500 Technical Analysis

The S&P 500 has pulled back a bit after breaking above the 6,500 level, but the trend is clear. Short-term pullbacks, of course, will offer buying opportunities. But if we can break above the highs of the candlestick from the Thursday session, we are back to all-time highs, and I think eventually we do get there. Whether or not we get there on Friday remains to be seen, but given enough time, pullbacks continue to offer value that people are more than willing to take advantage of as we go through earnings season. I have no interest in shorting the S&P 500 or any other US indices market at this point.

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