NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Continues to Look Strong Overall

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied ever so slightly during the early hours on Wednesday as we continue to grind to the upside. It is worth noting that there was a massive shooting star that formed last week that we are trying to break above. If we can break above there, then they could push this market all the way to the 22,000 level. Short-term pullback should see support right around the 21,400 level. And I do think at this point in time, although I favor the upside, this is a market that might be a little overdone. So, I think we have more of a grind to the upside than anything else.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it is trying to take out the shooting star from last week as well, as it reaches toward the 43,000 region. This is an area that should be a slight short-term resistance, but if we can break above there, then the Dow Jones 30 will almost certainly continue to go higher. Short-term pullbacks could see support near the 42,000 level, and it’s probably worth noticing here that the 50-day EMA is getting ready to break above the 200-day EMA, kicking off the so-called Golden Cross.

S&P 500 Technical Analysis

And finally, the S&P 500 looks as if it is threatening the 6,000 level. This is an error that I do think matters, and I’ll be watching this very closely. If we can break above the 6,000 level, then I anticipate that the S&P 500 could go higher, perhaps leading the rest of the stock market to the upside. At that point in time, I’d be looking for a move to the 6,100 level, and then eventually the all-time high. Short-term pullbacks should still see plenty of support at the $5,900 level and most certainly again at the $5,800 level.

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