NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Sluggish in Premarket Trading

NASDAQ 100 Technical Analysis

The NASDAQ 100 has shown itself to be a little bit sluggish here in pre-market trading on Thursday, but at the end of the day, we are still very much on an uptrend, and I think that will continue to be the case. Ultimately, the 25,000 level seems to be a bit of a headache. I don’t know how quickly we’ll break above here, but I do think we’ll eventually break this little micro double top that has formed over the last several weeks.

The 50-day EMA and an uptrend line both come into the picture as the bottom of the overall uptrending channel. And with that being the situation, I believe you’re looking for dips to buy, whether or not we get that remains to be seen. But it is worth noting that late during the Wednesday session, the buyers came back in.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is a bit sluggish at the moment as it’s just simply hanging around and looks to be struggling with the idea of the 47,000 level. If we can break above the 47,000 level, that opens up the next leg higher. But I think ultimately, we’ve got a situation where short-term traders continue to buy dips, trying to get a little bit of the action to the upside in their portfolios. The 50-day EMA is offering support near the 45,833 level and rising at a nice 45-degree angle.

S&P 500 Technical Analysis

The S&P 500 is noisy in pre-market trading, but ultimately looks as if it is trying to stabilize. I think we’ve got a situation here where the market may be a little bit confused at the moment, but overall, I think it is looking to go higher. And therefore these dips should be thought of as potential buying opportunities, with the 6,800 level being the ceiling in the S&P 500 at the moment. I think once we break through that, we continue to go much higher, but all things being equal, we aren’t an uptrending channel, and that should continue to be one of the main drivers here.

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