NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Continue to Look Positive

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied a little bit in the early pre-market hours of Tuesday as traders get back to work after the President’s Day holiday on Monday. That being said, the market is likely going to be a situation where we are trying to pull back in order to find value occasionally. But right now, this is a situation where the market is definitely one direction.

You have to be bullish. The 21,000 level below is the floor in the market, but I don’t think we’re anywhere near reaching down there. So honestly, this is a market that I think probably goes looking to the 23,000 level before it’s all said and done.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues to go sideways. It’s really not doing much at the moment. So, with that being the case, I think you have to assume that we’re just working off some of the froth getting up here and it will more likely than not be a situation where traders eventually try to push this beyond the 45,000 level, but right now we just don’t have the momentum. I think it remains more “buy on the dip.”

S&P 500 Technical Analysis

The S&P 500 is breaking out at this point, although very quietly, but nonetheless it is at a new high. The S&P 500 more likely than not will go looking to the 6200 level, possibly beyond that. Any pullback at this point in time will certainly see the 50-day EMA underneath offer a bit of a floor right along with the $6,000 level.

I don’t think this is a market that you can sell, and I do think that it continues to climb higher regardless of this point. It’s just now breaking out of this consolidation pattern, which of course is a good sign, and should send the S&P 500 up for a measured move of approximately 300 points if the previous rectangle is to be believed.

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