NASDAQ, Dow Jones and S&P 500 Weekly Forecast – US Indices Continues to Strengthen During Holiday Week

NASDAQ 100 Technical Analysis

The Nasdaq 100 has had another bullish trading week as we have pretty much wiped out most of the losses from the previous week after Jerome Powell set the market on fire. With that being said, this is a market that still has been bullish for some time and there’s really nothing on this chart that changes that attitude. The 21,000 level should offer a bit of support and then again at the 20,000 level.

The 22,000 level above is more likely than not going to be a little bit of a headache, but really, I don’t expect too much out of it. We have pierced it previously before that Federal Reserve induced sell-off, so I think it’s only a matter of time before we clear it.

Dow Jones 30 Technical Analysis

Dow Jones 30 has rallied a little bit to test the 43,400 level, an area that’s been important a couple of times, but if we can clear that, then I think it opens up the all clear to continue to recover. This is a market that could go sideways over the next couple of weeks though, as we sort out what we are doing in 2025. After all, the interest rate situation in America seemingly gets tougher for the Fed to cut, and that will have a direct influence on industrials that make up the US 30.

S&P 500 Technical Analysis

The S&P 500 rallied quite nicely to break back above the $6,000 level. I think it’s probably only a matter of time before we continue to grind higher. At this point, the $6,000 level looks to be a bit of a floor, so this is probably going to end up being a buy on the dip situation here as well.

I have no interest whatsoever in shorting this market. I think the S&P 500 has quite a bit further to go as traders just pile right into it and momentum of course starts to beget more momentum. If we were to break down below the 5800 level, then maybe we have a bit of a correction but still that wouldn’t change the trend. We wouldn’t be anywhere near doing that.

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