NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Trying to Continue Uptrend

NASDAQ 100 Technical Analysis

The NASDAQ 100 looks a bit positive in early trading here on Monday, as it looks like we’re coming back from the weekend looking to buy. This is not a huge surprise considering that we have seen a couple of supportive candles form in a row on Thursday and Friday of last week. So certainly, it looks like somebody out there wants to pile back into technology stocks.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it is ready to rally as well. And at this point in time, we could find ourselves racing towards the swing high from about five sessions ago, right around the 46,700 level. And after that, we almost certainly will argue about getting to the 47,000 level. There is an uptrend line underneath that could offer significant support just above the 46,000 level. So, we’ll have to pay attention to that if we do, in fact, get a little bit of a pullback in this uptrend.

S&P 500 Technical Analysis

The S&P 500 is positive as well, as it looks like it’s ready to continue grinding, perhaps breaking above 6,700 again. If it does, that’s just a continuation of the longer term uptrend that we’ve seen for quite some time, with the dip offering a bit of support and a bit of value that people may have been looking for. With that being the case, the market is likely to continue to be more of a buy on the dip situation and I do expect to see a lot of noise here. Nonetheless, we are in a strong uptrend, and we are in the midst of a channel. So, all of this adds up for buying, as far as I can tell. I have no interest whatsoever in shorting.

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