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NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Continue to Digest Previous Gains

By:
Christopher Lewis
Published: Nov 14, 2024, 13:26 GMT+00:00

The US indices have all looked very sideways over the last few days, with the Thursday session being more of the same, it looks like we are trying to do whatever we can to breakout higher.

In this article:

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially fell a bit during the early hours on Thursday, but it does look like the 21,000 level is going to continue to offer at least a little bit of support. The market going sideways is not a huge surprise because quite frankly we went straight up in the air after the election.

So, working off a little bit of froth, quite frankly, is typical for a market that’s in a strong uptrend, but obviously has to obey the rules of gravity sooner or later. Speaking of gravity, even if we do pull back from here, I think there are plenty of areas that could offer support, not the least of which would be the 20,500 level and the 50-day EMA. slightly below that. On the upside, I think you are looking at the 21,500 level as the short-term target.

Dow Jones 30 Technical Analysis

Over here in the Dow Jones 30, it looks like it’s a little healthier as we are crossing the 44,000 level. Over the longer term, I do expect to hit the next major round figure, which of course is the 45,000 level. Short-term pullbacks continue to offer buying opportunities, especially near $43,000 and the 50-day EMA as well.

S&P 500 Technical Analysis

The S&P 500 has been a little sluggish in comparison to the others. Perhaps this is a function of earnings season, or perhaps this is just simply a market that’s struggling with a large round psychologically significant figure in the form of $6,000. Either way, it still looks bullish, and I look at pullbacks as potential buying opportunities in the S&P 500 as well as the other indices altogether.

Volume is typical. There’s really nothing that stands out from that aspect. So, if we pull back here, I expect the 5800 level and the 50-day EMA both to come into the picture to perhaps offer a bit of support. Longer term, I do think that we get to the 6200 level.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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