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

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied a bit in the early hours as it is by far the biggest winner, but it is still somewhat subdued, and that does make a certain amount of sense considering that the Federal Reserve has an interest rate decision and announcement later.

All things being equal, I do believe that short-term pullbacks will continue to be buying opportunities, and I think the 50-day EMA probably comes into the picture as a little bit of support right along with the 21,000 level. I have no interest in shorting indices at the moment.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is basically flat. It’s up about two basis points as I record this. It is pretty stretched at this point. So, I think if there’s any index in America that could fall today, turn around and go slightly negative, it might be this one, but that’s more of an overbought thing than anything else. It really doesn’t have anything to do with the Fed. I mean, it could, but right now it looks a lot like a Federal Reserve that is probably stuck trying to figure out what to do with itself. I believe the 50 day EMA and the 43,500 level both offer support on any significant pullback.

S&P 500 Technical Analysis

The S&P 500 continues to grind away. We are trying to get into the gap and fill it from the opening this week. I do think that this is also a situation where the markets are likely looking for some type of value on short-term pullbacks so that they can take advantage of cheaper contracts. Again, I don’t have any interest in shorting this market. I think it goes much higher, and if we can break above the $6,150 level, then it opens up the door for bigger gains.

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