NASDAQ 100 Index, S&P 500 and Dow Jones Forecasts – US Indices Jump in Premarket Trading

Dow Jones 30 Technical Analysis

The Dow Jones 30 has gapped to the upside only to turn around and fall a bit. It looks at this point in time, the market is likely to continue to see plenty of bullish pressure with the 47,128 level being the top of the candlestick, and it should offer a little bit of support. The 47,000 level is also supported as well and it’s worth noting that the 50-day EMA continues to rise. Ultimately, I think this is a market that will eventually go much higher, but a short-term pullback might be necessary.

S&P 500 Technical Analysis

The S&P 500 has gapped to the upside to kick off the week as well and is just climbing from here. All things being equal, this is a market that still has a major trend line that we are looking at right along with the 50-day EMA, which is all the way down at the 6,600 level. If we can stay above there, then the market is likely to continue to see plenty of buyers coming in and trying to pick up a little bit of value. I have no interest in shorting this market, and I do think that we are in the next leg higher, which means eventually we are going to try to target the 7,000 level. People are getting awfully excited about rate cuts and the possibility of the United States and China coming to an agreement, which is like rocket fuel for equities.

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