US Indices Forecast: Bullish Momentum Targets Record Breakouts

Nasdaq 100 Technical Analysis

The Nasdaq 100 has fallen slightly against the backdrop of the looming weekend, but it looks like we are trying to turn things around and go even further to the upside after a very strong Thursday session. Ultimately, this is a market that I think is looking to go to the 30,000 level. If we pull back from here, the 50-day EMA sits right around 29,000. I think that’s your short-term floor.

Dow Jones 30 Technical Analysis

The Dow Jones 30 rallied a bit during the early part of the trading session and now, I think, is trying to get to the 53,000 level. The 52,000-level underneath is a floor in the market, as this was a previous resistance barrier, and ultimately, I do believe that buying on the dip continues to be the way going forward as we’ve been in such a major uptrend for so long.

S&P 500 Technical Analysis

The S&P 500 now looks as if it is trying to break out of basically an ascending triangle. We’ll see what happens, but on a short-term pullback, I’m more than willing to jump in here and buy as well because we still look very bullish, and it’s worth noting that recently we have been very noisy and very choppy. But notice how every time we drop, it gets a little bit higher low forming and that tells me that more pressure is building to the upside, and eventually it should resolve in a breakout.

Will we do it on Friday? Probably not. I think we have a little bit of distance to cover, but clearly, on signs of negativity, it looks like people are willing to step in and take advantage of cheap contracts.

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