NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Looking to Bounce on Friday

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it is hanging around the 48,000 level and collecting more buyers as we have rallied slightly in the early part of the session. Given enough time, I think we’re probably going to try to get that big psychological number of 50,000.

It seems like a lot, but it’s really only a few percent higher. It may take some time to get there; I would expect it to be something that we’re talking about weeks down the road. But with that being said, I think we have a situation where even if we do break down from here, the 50-day EMA and the 47,000 level both offer major support.

S&P 500 Technical Analysis

The S&P 500 looks like it is going to rally again, and I think this is another situation where the traders are eyeballing large, round, psychological targets. This one, of course, would be 7,000. Currently, the 6,800 level offers a certain amount of support with the 50-day EMA sitting right there as well.

With that being said, I think you have a situation where you remain buy on the dips, and eventually we do get that push higher. Really, at this point in time, I’m not overly concerned about the S&P 500’s trend until we break down below 6,500, something we’re nowhere near doing at the moment. Therefore, I remain bullish. I do think we eventually get that 7,000 level.

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