NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Recovering on Thursday

Nasdaq 100 Technical Analysis

The Nasdaq 100 recovered completely during early trading on Thursday from the selloff on Wednesday, showing resiliency. This screams to me that we are going to do whatever we can to build up the necessary momentum to break above the 26,000 level.

If we do, then it opens up a much bigger move in my estimation, and one thing that I’ve noticed is that every time we drop, buyers come in and pick it up, so I think this remains buy on the dip, and I do not see a scenario where I would get short. The 50-day EMA currently looks as if it is offering support.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rallied as well, although it hasn’t been as strong; it has been resilient, with the 49,000 level offering a bit of a floor. The 50-day EMA is likely to continue to be a bit of support, and with that, I look at this as a market that, even if we do dip from here, I’m a buyer. I think eventually we will go looking to the 50,000 level. It is just too juicy of a target for the market to avoid.

S&P 500 Technical Analysis

The S&P 500 looks resilient as well, and we have already wiped out the losses from the Wednesday session. At this point, I do think we are trying to get to the all-time high and then eventually break above the 7,000 level. In fact, it really wouldn’t surprise me at all if we do it sometime this week, but if not, then maybe next week. The 50-day EMA is your support level, and 6,800 for me is a hard floor. As long as we stay above there, this remains buy on the dip, and I do like the S&P 500 overall right along with the other US indices.

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