NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Rally After NFP

NASDAQ 100 Technical Analysis

The Nasdaq 100 has shot higher during the trading session on Friday after the nonfarm payroll number was much hotter than anticipated. With that being the case, the market looks as if it is ready to continue to see an upward momentum. And I do think it’s probably more likely to go looking to the 22,000 level. Ultimately, this is a market that if we can break above there, then we could go higher. Short-term pullbacks should continue to see plenty of support near the 21,500 level.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is, as I record this, testing a major area in the form of the 43,000 level. And if we can break above the 43,000 level, then I believe that we have a situation where traders are just simply going to look at this through the prism of a move to the $43,500 level, possibly even $44,000. Ultimately, I think you’ve got a situation where traders are going to continue to look at dips as buying opportunities.

S&P 500 Technical Analysis

The S&P 500 rallied quite nicely during the trading session as well, and we are above the 6,000 level. If we can stay above here, that opens up a move to the 6,120 level, which was a significant resistance barrier previously and where we had swung high. Ultimately, this is a market that looks like it is ready to just take off. Short-term pullbacks continue to be buying opportunities as the U.S. economy is doing much better than people had anticipated. That being said, I like this market. I think it is a one-way, long-only market. The question is, do you buy it on a dip, or do you just jump in? Proper positions and risk management settings are what will make you victorious here.

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