NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Continue to Look for Higher Levels

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied a bit during the early hours on Friday, as we continue to see the market trying to break above the descending wedge. If the market were to break above the top of the candlestick from the previous session on Thursday, then I think that might be your signal that we’re ready to go much higher.

The NASDAQ 100 is most certainly in an uptrend despite the fact that the year so far has been nothing short of a headache, but I think you’ve got a situation where eventually you break out to the 22,000 level.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks as if it is ready to continue higher, perhaps taking out the 43,500 level. If it does, that’s a sign that we very well could find ourselves going to the 45,000 level, and I would be watching that very closely. Short-term pullback should continue to offer a buying opportunity here and there, as the market is most certainly in an uptrend long-term and has been for as long as I can remember, but right now, I think basically what we’ve done is worked off a lot of the excess.

S&P 500 Technical Analysis

The S&P 500 grinding higher as well during the trading session, but it is worth noting that there’s a little bit of a downtrend line that coincides roughly with 6,000, so we’ll have to watch to see if we can break above there. If we can, then the market, more likely than not, will go looking to the 6,100 level initially. Short-term pullbacks, I believe, continue to get bought into as the longer-term uptrend continues to assert itself in the market space.

I have no interest whatsoever in shorting any of these indices, despite the fact that people are still very nervous about the idea of the Federal Reserve keeping interest rates higher for longer.

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