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

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied just a bit during the early hours here on Wednesday as it looks like we are probably going to try to consolidate in the same area that we’ve been in. If we can break to the upside and clear the top of the channel, that opens up a move to the 25,000 level. Short-term pullbacks offer value that we can definitely look at as an opportunity to participate in a longer term uptrend.

The NASDAQ 100, of course, is going to continue to be an index that a lot of people are jumping into through passive investment vehicles, and thereby perpetually has a bit of a bid. As the Federal Reserve looks like it is cutting rates, it should continue to be attractive.

Dow Jones 30 Technical Analysis

The Dow Jones 30 rose slightly in the early hours here on Wednesday, but it is worth noting that we gave back all of the gains during the previous session, so the question now is whether or not we can build the necessary momentum to continue going higher. There is an uptrend line sitting just below that I think a lot of people will be watching for potential support. If we were to break down from here, then I think there’s a hard floor right around the 45,000 level, as it was previous resistance, and we now have the 50-day EMA in that same neighborhood. To the upside, if we can break above the top of the shooting star from the previous session, 47,000 will be targeted.

S&P 500 Technical Analysis

The S&P 500 is slightly positive in early pre-market trading as well, as it looks a lot like the NASDAQ 100 in the sense that the market continues to see a lot of back and forth kinds of short-term choppy behavior in what is a pretty strong uptrending channel. With this being the case, I think you have to look at this as a market that is trying to determine whether or not it can continue the momentum. As things stand right now, I don’t really see any major issue with this market going higher and it’s probably only a matter of time before we reach the 6800 level.

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