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

NASDAQ 100 Technical Analysis

The Nasdaq 100 has gapped a little bit higher during the early hours on Monday, as we continue to look at the 21,000 level as a barrier. If we can break above there, then it’s possible that the market could really start to take off to the upside, especially if we make a fresh new high somewhere near the 21,200 level. Short-term pullbacks at this point in time should be considered buying opportunities, as the market has been in a strong uptrend for quite some time now. I do see a lot of support at the 20,400 level where the 50-day EMA is currently hanging about. This has been a long-term uptrend, but keep in mind that it’s been a little choppier as of late.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is probably the healthiest looking of the three major indices in the United States right now as it has cleared to make an all-time high again. Ultimately, I think a lot of this comes down to the idea of more stimulus coming in the United States, not necessarily monetary easing, but the idea of investing in various needs around the country should help the 30 largest corporations in the United States.

Furthermore, it’s also a place where you can get dividends, and I think a lot of foreign investors are starting to throw money at America, and they will do so at the biggest companies initially, and then work their way down. Short-term pullbacks should find plenty of support near the 43,750 level, and then again at the 42,815 level.

S&P 500 Technical Analysis

The S&P 500 is trying to get to that magical 6,000 level, an area that has been quite difficult to break out above, but more likely than not, we will continue to see buyers jump into this market to attempt to make that happen. Short-term pullbacks continue to see support, especially near the 5,860 level, an area that has already shown itself to be rather tough to break below.

If and when we can get a daily close above the 6,000 level, I think that kicks off your next leg higher. But when you look at the longer-term chart, it’s just been a slow and steady progression higher for the last year in an almost perfect 45 degree channel.

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