NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Look a Bit Flat

NASDAQ 100 Technical Analysis

The Nasdaq 100 is a little bit choppy in pre-market trading as we are just kind of hanging around the 25,600 level. The market did end up forming a bit of a hammer for the trading session on Wednesday, so I do think that we have a situation where traders are trying to get things going to the upside again. But even if we drop from here, I think there’s plenty of support near the 25,000 level. We’re in an uptrend—that hasn’t changed. I’m not shorting this market, and I do believe it’s only a matter of time before we continue to see momentum to the upside.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has found itself to be slightly negative, but really, at this point in time, it’s looking at the 47,000 level as a major floor in the market. The Dow Jones 30 has pulled back just a bit during the trading session here on Thursday, and it looks like we are going to try to reach the $47,000 level. That level is an area that previously had been resistant, so it should now be support. I think market memory will be a big factor here, and looking at the chart, we are obviously in an uptrend. I have no interest whatsoever in trying to short this market, although it is admittedly a bit of a laggard when compared to the Nasdaq 100 and, of course, the S&P 500.