NASDAQ Index, SP500, Dow Jones Forecasts – US Indices Look to Rise Again

NASDAQ 100 Technical Analysis

The Nasdaq 100 has rallied slightly during the trading session in pre-market trading on Wednesday as we continue to see a lot of noisy behavior. Ultimately, this is a market that has led the way for other indices to rally in the United States, especially after the capitulation breakdown to the 17,000 level. At this point, we are now above the 21,000 level and not too far away from reaching all-time highs again. Ultimately, I think short term pullbacks continue to offer buying opportunities, and I have no interest whatsoever in trying to short this market.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it is going to try to turn around a bit, but it has been fairly quiet in pre-market trading. We’re just kind of sitting here just above the 42,000 level, which, of course, is a large, round, psychologically significant figure. That being said, this is a market that given enough time, I do think runs to the 43,500 level, but we have some work to do to get there. Short-term pullbacks, I think, continue to offer opportunities, especially near the 200-day EMA, which sits at the 41,600 region.

S&P 500 Technical Analysis

The S&P 500 is rallying in pre-market trading again, and it looks as if it is, in fact, trying to break the highs of the previous session, which, of course, would be a big victory for S&P 500 traders as the run has been so extended. A pullback probably needs to happen sooner rather than later, but I think the 5,800 level might be significant support, especially the 5,700 underneath where we have a nice gap. Ultimately, this is a market that I think will find the all-time highs again, but I also recognize that it is a market that is a little overdone in the short term.

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