NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Race Higher to Kick Off the Week

NASDAQ 100 Technical Analysis

The NASDAQ 100 has gapped to jump to the upside on Monday as traders have come back to New York and other places to start putting money into the markets. At this point, it looks like the NASDAQ 100 is ready to continue to grind, but ultimately, I do think that we grind higher. Keep in mind that this is a jobs report week. So, Friday, and the closer we get to it, the more hesitant traders might be. All things being equal. This is a scenario that I think buyers continue to get involved on dips.

Dow 30 Technical Analysis

The Dow Jones 30 has gapped higher to kick off to the upside, but it now looks like the 50 day EMA comes into the picture to offer a little bit of resistance. If we can clear that, then the Dow Jones 30 could go look into the 43,750 level. Quite frankly, this is a market that I think short-term pullbacks are bought into. I don’t want to short it, but I don’t know that the Dow performs as well as the NASDAQ.

S&P 500 Technical Analysis

The S&P 500 looks as if it is ready to go looking to the 6,000 level and above. And I think you’ve got a situation where it is only a matter of time before short-term pullbacks get bought into. If we do clear the 6,000 level, then we start looking at 6,100 as an area where a lot of people will be paying close attention.

If we break that, then we finish a W pattern, and it looks like we could go much higher. I have no interest in shorting the S&P 500 nor do I have any interest in shorting indices in general right now. I do think we will go higher, but again, keep in mind that Friday is non-farm payroll.

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