NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Slightly Positive

NASDAQ 100 Technical Analysis

The Nasdaq 100 looks as if it is trying to break above the massive candlestick from Friday of last week, and if it does, that gives us the green light, I believe at least, to continue going higher. All things being equal, this is a market that has been in an uptrend for quite some time, and despite the fact that Jerome Powell caused so much chaos during the previous week, the reality is that not much has changed. So, I do think short-term pull banks continue to get bought into and I also believe that we will eventually retest the highs again in the NASDAQ 100.

Dow Jones 30 Technical Analysis

In the Dow Jones 30, it is fairly quiet, but ultimately this is a scenario where I think eventually the market goes looking to the 50-day EMA and then the 43,500 level. Underneath we have the 42,000 level offering massive support and we are basically, I think at this point, trying to sort out whether or not this range holds or if we continue the longer term uptrend. The S&P 500 looks very likely to break higher during the session as we are threatening a breakout at this point, just as we are in the NASDAQ 100, at least in terms of the horrible candlestick on Friday.

S&P 500 Technical Analysis

Just like the NASDAQ 100, I believe that the S&P 500 is likely to go looking towards the all-time highs again. And I suspect lack of liquidity might be part of the reason. Even if we do get a pullback from here, I believe it is only a matter of time before the buyers come in and pick it up. With the 5800 level in the cash market being a bit of a floor in the S&P 500.

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