NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Looking to Continue Same Behavior

Dow Jones 30 Technical Analysis

The Dow Jones 30 gapped lower but has turned around to show signs of resiliency. Again, we aren’t necessarily positive yet during the day, but it certainly looks like we might try to be given enough time. With that, I’m looking at this through the prism of a market that is somewhat sideways, somewhat noisy, and probably aiming to get to the 45,000 level eventually, but also a market that had maybe gotten a little overstretched. So, this looks to me like a market that on dips you’re a buyer, on rips you’re hoping to get above the 45,000 level because that opens up more of a buy and hold scenario.

S&P 500 Technical Analysis

And finally, over in the S&P 500, we gapped lower here as well, but much like Dow Jones 30, we are already starting to see the markets turn around and show signs of life. So that tells me again, there is no real panic. Yes, we’re down a little bit. There might be a little bit of a flush when Wall Street comes on board, but really at this point in time, any dip probably represents value that people will be looking to take advantage of.

The 6,150 level underneath is a major floor, and as long as we can stay above there, I don’t know that too much has changed here in a market that has been insanely bullish for quite some time.

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