NASDAQ 100 Index, S&P 500 and Dow Jones Forecasts – US Indices Continue to Look Strong Overall

Dow Jones 30 Technical Analysis

The Dow Jones 30 pulled back just a little bit at the beginning of electronic trading, only to turn around and show signs of life again. This is a market that I think will try to find 47,000 before it’s all said and done, but this one’s a little flatter than the Nasdaq 100, so maybe it takes its time. That’s the way it’s been for several months now, so it would not be a surprise. The 50-day EMA sits at the 45,712 area, and I think it offers support right along with the 45,000 level, although I don’t think we see 45,000 again.

S&P 500 Technical Analysis

The S&P 500 gapped higher to kick off free market trading, pulled back a bit and then now finds itself going positive again. This is just classic continuation, bullish pressure, as we had bounced off a trend line on Friday, which is also backed up by the 50-day EMA. At this point, the 6,800 level is the next target. If we can get above there, then we can really start going to the upside.

I have no interest in shorting this market, and I look at any pullback as a potential buying opportunity when it comes to the S&P 500. Remember, everybody’s excited about those interest rate cuts coming. Therefore, they’re jumping into stocks again. When you look at the chart, since May, this has been a nice 45-degree angle rally to the upside that has allowed for pretty steady investment.

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