NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Strong and Waiting for Fed

Nasdaq 100 Technical Analysis

The Nasdaq 100 looks very positive in early trading as we are approaching at the end of the day the FOMC interest rate decision, press conference, and of course statement. It will be the press conference most people pay the largest amount of attention to as we are trying to figure out whether or not the Federal Reserve is going to start aggressively cutting. I do not think they will, and that could cause a little bit of volatility. Nonetheless, the Nasdaq 100 looks very bullish and I certainly won’t get short of it.

If we get a pullback for a day or two, that just has me buying more. The 25,000 level now is your floor right along with the 50-day EMA, which is at the 25,425 level and rising. I do think we break out. I think we go looking to 27,000.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is pretty flat in early trading and that makes sense because the companies in the Dow Jones Industrial Average typically are a little bit more sensitive to macro headwinds and headlines. It is more of a steady as she goes type of index here. You can see that we have been in a nice 45-degree angle on the way up, so I look at each and every dip as a potential buying opportunity in a market that quite frankly has been steady and boring. That is exactly how I like my investments—just to simply make money and not cause me headaches. The 50,000 level is still a target I think a lot of people are aiming for.

S&P 500 Technical Analysis

The S&P 500 has peaked above the 7,000 level for a moment early during the session but I do think we get above there and I think we go much higher. Ultimately, if we do get a short-term pullback, I think that is a lovely buying opportunity especially closer to the 50-day EMA, and right now I see the 6,800 level as a potential floor in the market.

I have no interest in shorting this index or any other. I can almost say that globally at this point, and therefore I am just looking for value to take advantage of.