NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Continue to Point Higher in Premarket

NASDAQ 100 Technical Analysis

The Nasdaq 100 continues to grind higher in pre-market trading on Friday, as we are most certainly in a very bullish market and really at this point in time, I just don’t see how you could get short of this market. If we do get a pullback from the PCE numbers, then possibly you may get an opportunity to buy this market at a lower level. As things stand right now, I believe that the 22,000 level is your floor. The target is going to be at least 23,000. Quite frankly, it’s probably going to be higher than that.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has found itself battling the 43,550 level, an area that’s been important over the last several months. And at this point in time, I think it could very well end up playing catch up with some of the other indices in the United States. The NASDAQ 100 is leading the way, but the Dow Jones 30 has been fairly strong itself. With this being the case, I think if we continue to see strength elsewhere, the Dow Jones 30 will try to make a move to the 44,000 level and then eventually 45,000. 43,500 is more likely than not going to be your short-term floor.

S&P 500 Technical Analysis

The S&P 500 is at all-time high in early trading and at this point in time, I think you have to look at this as a market that is going to continue rallying from here. I have no interest in getting too cute. I think short-term pullbacks do offer buying opportunities. And now that we are breaking out of a channel, this is normally when you get the impulsive move higher. So, with that being said, I’m bullish. I’m buying short-term pullbacks. I think we probably go looking to the 6300 level from this point. If not, higher levels. I just don’t have any interest in trying to fight this type of momentum.

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