US Indices Forecasts – Opening Gaps Push Dow Near Record Highs

Nasdaq 100 Technical Analysis

The Nasdaq 100 has gapped higher to show signs of life at the open here on Monday in overnight electronic trading, testing the 28,500 level. The 50-day EMA sits just above as well, and it is going to be interesting to see how this plays out because there are still a lot of concerns about the AI trade. The South Korea KOSPI overnight suggested some weakness in semiconductors, which is a big area of focus in the Nasdaq 100, so I’m watching this one very closely.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has jumped and then simply kept going to the upside in early trading on Monday as we get very close to the recent all-time high. If the market can continue to break higher from here, then it’s in unexplored territory. It is a market that has been very bullish for some time now. Short-term pullbacks continue to be bought by traders over the last several months, and so far at least, it looks like it’s behaving very much the same as it always has. There is a gap that could get filled, but a lot of technical traders would look at that as potential support.

S&P 500 Technical Analysis

The S&P 500 also gapped higher to show signs of life as it looks like it’s going to be a pretty positive open. The 7,600 level has been a bit of a barrier, but if the market can break above there, it could really start to take off as we’re in unexplored territory here as well.

The market’s been sideways for a while after exploding to the upside in late March. So working off some of the froth would probably be the best way to describe what’s been going on. The obvious 7,600 level though, will be on my radar during the trading session.

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