NASDAQ, Dow Jones, and S&P 500 Forecast – Markets in America Roar After Landslide Election

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied rather significantly during the early hours on Wednesday as the election results have left no doubt that United States citizens have chosen a more conservative approach, which should be pro-business. So, with that being said, it’s very likely that with the House of Representatives, the Senate and the White House, business could get done in America. So far, it looks like Wall Street traders are looking at that with hope.

The Nasdaq 100 has massive support below at the 20,000 level with the 50 day EMA racing to that area, but it would not surprise me if we made a serious play towards the $21,000 level next.

Dow Jones Technical Analysis

The Dow Jones 30 has reached a new all-time high, rallying 3%, actually a little bit more than 3% overnight. At this point in time, it’s made very clear which direction the stock market is going here. This is a market that has a hard floor at 42,000 with the 50 day EMA there, but quite frankly, I don’t even think we’re going to test that again. I think we are going to see Wall Street really start to take off as the clarity has been found that so many traders had been missing.

S&P 500 Technical Analysis

Finally, the S&P 500, a little bit more sluggish than the NASDAQ 100 and the Dow Jones 30, but at the end of the day, still very positive and still bounce from the 50 day EMA. Let us not forget that there’s an interest rate decision on Thursday and traders are going to be focusing on that probably within five minutes. Furthermore, there are also massive amounts of earnings calls and reports.

So, with all of that being said, it does make a certain amount of sense that we continue to see a lot of buying opportunities. And with that being said, the market is likely to continue to look at every dip as a potential buying opportunity that will eventually send this market to the upside and perhaps to a fresh new high like we’ve already seen in the Dow Jones 30.

For a look at all of today’s economic events, check out our economic calendar.