NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Quiet in Early Thursday Trading

NASDAQ 100 Technical Analysis

The NASDAQ 100 looks like it’s going to be a bit flat going into the open session. At this point in time, early trading has been indicative of a stable market, but not necessarily overly excited to go anywhere. We have the interest rate decision next Wednesday and perhaps between now and then, it may be a little bit of a back-and-forth scenario. But when you look at the way that we have recovered, we have formed a perfect V pattern. So, I do think eventually we will go higher, and therefore I remain bullish. We also have the Santa Claus rally to think about.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is relatively flat as well after having a very good day on Wednesday. It looks like Thursday might be a little bit of consolidation of the gains. But again, this is another V pattern that actually looks like it’s going to try to reach all-time highs. The $47,000 level should be supported right along with the 50-day EMA, which is just below there. Again, with the Santa Claus rally, it looks like it’s something that’s going to actually happen as money managers chase performance at the end of the year.

S&P 500 Technical Analysis

The S&P 500, of course, is basically doing the same thing as the NASDAQ 100 as most of the same stocks that move the NASDAQ 100 are the same ones that move the S&P 500. Looking at this chart, the $6,800 level looks to be support right along with the 50-day EMA. If we can break above $6,950, then that opens up a move to $7,000, which I do think is coming given enough time.

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