NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Continues to Look Healthy

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied a bit during the early hours on Friday and it looks like we are starting to break towards the upside, perhaps trying to get to the 22,000 level above. The 22,000 level above has been a major resistance barrier, just as the 21,000 level below has been a major support area. With that being said, the market looks as if it is still stuck in a range, but I do prefer the upside because of the longer term uptrend. I have no interest in selling the NASDAQ 100.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it’s ready to break out to the upside and therefore, if we continue a little bit higher, I’ll consider this the next leg up in this market just waiting to happen. That being said, we are a little extended here. So, although I’m bullish on the Dow Jones 30, I would actually prefer to see a little bit of a pullback. We just really haven’t had it, with maybe the exception of that quick flash crash on Monday.

S&P 500 Technical Analysis

The S&P 500 looks as if it wants to go higher as well. We have filled the gap, and I think you’ve got a situation where the market is going to try to go higher. Once it breaks out, we’d be looking at 6,200 as the next logical target. The 6,000 level below will continue to be support, with the 50-day EMA hanging around there as well.

Ultimately, this is a market that I think given enough time does go higher, and I look at pullbacks as potential buying opportunities in a stock market that quite frankly, has been in a very gentle and relatively well-defined 45-degree angle uptrend for ages.

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