NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Continue to Pull Back

Dow Jones 30 Technical Analysis

The Dow Jones 30 is now testing the trend line that has been important for some time. And now it looks like we have to ask questions as to whether or not this trend line can hold. If it cannot, then the 45,750 level could get targeted, followed by the 45,000 level, where the 50 day EMA is sitting at. Ultimately, it’s still an uptrend, but again, we may need a short-term pullback.

S&P 500 Technical Analysis

The S&P 500 is behaving identically to the NASDAQ 100 as we continue to just pull back from the top of the channel that we’ve been on. And now it looks like we could go looking at the 6,500 level if things really accelerate. I suspect that the 6,600 level probably attracts a certain amount of attention as well. But when you look at the longer term chart, we’re still very much in an uptrend and it’s hard to deny that.

Yes, we pulled back a bit, but you pull back quite often in uptrends in order to attract more inflows. That might be part of what’s going on here. I don’t see anything that is overly concerning. It just looks like a run of the mill pullback in an uptrend.

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