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

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied quite nicely in the early hours here on Thursday, led mainly by Micron jumping up 12% on a huge revenue beat. That gives us a little bit of life here in the NASDAQ 100. The question now is whether the market can recapture the 25,000 level. That level is very important at this point, and we will have to wait and see how the day plays out. If the market ends up above there, that could be a sign that it is ready to drift higher.

With CPI, central banks, and other catalysts during the day-to-day, it is almost impossible to get through the session cleanly. As things stand right now, however, the NASDAQ 100 does look like it is at least making an attempt to turn things around.

Dow Jones 30 Technical Analysis

The Dow Jones 30 finds itself right at the crucial 48,000 level. This is a market that, given enough time, probably breaks above there and goes looking toward 49,000. It should be noted that it has generally been an outperformer lately in comparison to the other US stock indices. Even so, it is not something that looks attractive to short right now.

S&P 500 Technical Analysis

The S&P 500 has rallied a little bit during the pre-market as well. Much like the NASDAQ 100, it needs to do a bit more to prove itself. A move back above 6,800 would be preferred before getting overly excited, but the market is sitting right at the 50-day EMA. End-of-year buying may continue to support prices.

When looking at the longer-term chart, the market looks like it has been in a steady uptrend until recently. Now it appears to be taking a bit of a breather. A little patience probably goes a long way here. There is no interest in shorting this market, and it is not until a breakdown below 6,500 that concern really starts to set in. For now, the outlook leans toward more of a grind higher.

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