NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Look Ready to Rally Again

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially pulled back just a bit during the trading session on Thursday only to turn around and show signs of life. All things being equal, this is a market that I think continues to see a lot of buy on the dip behavior, especially as we go through earnings season, which of course has a major influence on risk appetite. But you also have to keep in mind that we’ve been rallying for a while and the 50-day EMA underneath has provided somewhat reliable support. The 21,000 level above could be your target, and I think given enough time, we not only reach that level, but we could break above there. If and when we do, then it’s likely we will go looking to the 21,500 level.

Dow Jones 30 Technical Analysis

In the Dow Jones 30, you can see that we initially pulled back only to turn around and show signs of life. The market breaking above the 43,750 level opens up the possibility of a much bigger move, perhaps to the 44,000 level. Short-term pullbacks continue to be the way to get involved in this market to find some type of value. And if we do pull back from here, it’s very likely that the 50-day EMA will be looked at as the bottom of the market, if you will. The Dow Jones 30 has been one of the better performing indices, and I think at this juncture, it will probably continue to lead the way in America.

S&P 500 Technical Analysis

The S&P 500 initially fell, only to turn around and show signs of life again. With this, I think you’ve got the possibility of an attempt to get above the 6,000 level. The 6,000 level of course is a large round psychologically significant figure that a lot of people will be paying close attention to. And if we can break above there, then it’s likely that the S&P 500 goes much, much higher.

Underneath, we have the 50 day EMA as well as the 5,700 level offering support. In general, this is a market that’s in a nice solid uptrend and quite frankly, I just don’t see anything that changes anytime soon. So, with that, I remain bullish of this index, as I do all US indices at the moment.

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