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

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied quite nicely over the last couple of days, but as we start the Tuesday session, it seems like there’s a little bit of hesitation. This does make a certain amount of sense considering that we are sitting right at the all-time highs. That being said, if we can break above the 21,200 level, it’s likely that you will see the market get a little bit of FOMO as we will have breached that all-time high.

Over the longer term, I do think you have a situation where that happens, but we might have a short-term pullback over the next couple of days. If we do, it’ll end up being a buying opportunity because quite frankly, we’re in a strong uptrend and that’s not changing.

Dow Jones 30 Technical Analysis

The Dow Jones 30 did touch the 45,000 level over the last couple of days, but it seems like it is pausing a little bit. Again, this makes sense. We have gotten a little overextended, so why not make some profit here if you have been making quite a bit of money. Keep in mind that Friday is the jobs number and that’ll have a major influence on how stock markets feel.

So that is something to keep in the back of your mind. But I think any pullback at this point in time in any of the US indices, but especially the Dow Jones Industrial Average should represent value that people are willing to take advantage of.

S&P 500 Technical Analysis

The S&P 500 sits at all-time highs as it has recently broken above the 6,000 level. The 6,000 level of course is a large round, psychologically significant figure, and therefore, I think if we do pull back towards that area, it’ll end up being an area where traders probably try to defend the trend. Even if we break down below there, we could go all the way to at least the 5,800 level before I’d even be concerned about the depth of the correction.

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