NASDAQ Index, SP500, Dow Jones Forecasts – US Indices Rally in Electronic Overnight Trading

NASDAQ 100 Technical Analysis

The Nasdaq 100 has rallied rather significantly during the trading session on Monday, although it’s worth noting that this was all overnight electronic futures related trading as it was Memorial Day in the United States. So, the underlying index itself was closed. So, it’s worth noting that we are above the 21,000 level. But I think really at this point in time what you read from the CFD, and the overnight futures market, is that we were oversold on Friday and we are going to continue to consolidate. I believe we’re still bullish.

Dow Jones 30 Technical Analysis

The Dow Jones 30 did the same thing. We’re hanging around the 42,000 level as we go into the New York timeframe, which of course will be closed again. So, I think we’re just simply going right back into where we were. So, with that, I believe that it’s going to be more sideways than anything else this week. And I look at dips as potential buying opportunities. This has been an extraordinarily strong index for several weeks now and really nothing seems to be changing so I’m still positive.

S&P 500 Technical Analysis

The S&P 500 again, same situation overnight, rallied. It looks like we’re going to head toward the 5900 level. Breaking above 5900 opens up the possibility of 5,950. Breaking above there opens up 6,000 and then the highs again. I think we’re going back to the highs. Really at this point in time we are slipping into positive territory for the year, and it certainly looks like at this point in time we need to think about possibly reaching these all-time highs. So, if you’re a longer-term trader you’re definitely thinking to the upside. If you’re a shorter-term trader, then you’re looking to buy dips.

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