NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Trying to Continue Higher

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied a bit during the early hours on Thursday, but you can see we are struggling a little bit with this downtrend line that I have drawn here on the chart. That being said, if we do break higher, then it would be a falling wedge that has been broken, but I think more importantly, it would just continue the overall trend anyways.

So regardless of your technical analysis, if we go higher, we continue the longer term trend and that I think will be the theme eventually. I do expect some noise. We are in the beginning part of earnings, so that makes sense. But short-term pullbacks, I do think, will ultimately end up being buying opportunities, especially near the 21,000 level, where the 50-day EMA currently resides. Really, at this point, nothing to do here as far as the short side is concerned.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back just a bit, and now we stare down the 43,500 level. The 43,500 level being broken to the upside could very well open up a move to the 45,000 level. And I think the move in the Dow Jones will be greatly influenced by not only interest rates in America, but also other indices as well. Quite frankly, if they all start going up besides the Dow, it will probably play catch up and in fact, that might’ve been part of what we were seeing during the day on Wednesday.

S&P 500 Technical Analysis

The S&P 500 rallied just a bit during the early hours, but it seems like it’s struggling with the idea of 6,000. If we can cleanly break above that on the daily close, that would be more likely than not enough momentum to carry this market higher. Short-term pullbacks are almost certainly going to end up being buying opportunities as long as we can stay above the crucial 5,800 level. I have no interest in shorting the S&P 500 nor do I have any interest in shorting any of the US indices.

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