NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Drop in Thin Holiday Extended Trading

Dow Jones 30 Technical Analysis

The Dow Jones 30, of course, pulled back as well, turning away from the crucial 45,000 level, an area that I think will probably continue to cause a bit of resistance. But if and when we can break above there, it should launch to the upside. The pullback makes perfect sense here. You can see that we have had a straight shot up in the air over the last seven or eight trading sessions. So that’s exactly what I would expect. That pullback should end up being a nice buying opportunity though.

S&P 500 Technical Analysis

The S&P 500 pulled back pretty significantly during the trading session here on Thursday. And again, this would have been very thin electronic trading in the futures market, but it looks also like a market that had probably seen a lot of people taking profit. The market has a significant floor, or at least it should, at the 6,150 level, an area that had been in resistance previously. And therefore, I think any pullback at this point in time that gets anywhere near there, you have to be interested in. I have no interest in shorting this market, and I really don’t see anything that will keep it from breaking above 6,300 and eventually going much higher.

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