NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Grind Higher After Small Drop

NASDAQ 100 Technical Analysis

The NASDAQ 100 has pulled back just a bit during the early hours here on Monday, but then turned around to show signs of life. The Nasdaq 100 has been a very strong market for some time, and I think we’re just going to squeeze higher. We are getting a little bit stretched here, but that might be part of why the market is struggling to find a lot of momentum.

I do think at this point in time, though, it has become increasingly obvious that there are enough buyers underneath to keep this market afloat. And therefore, one would have to assume that sooner or later each dip attracts more buyers.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is approaching the crucial 43,000 level again. And it is worth noting this is an area that has seen a lot of action as of late. I think that remains the case, but if we can break above this area, it’s at that point in time that I think the Dow Jones 30 goes looking to the 43,750 level and then possibly 45,000.

Short-term pullbacks continue to be supported at multiple levels, not the least of which would be the 41,750 level, that has not only seen previous action, but it has also the 50 and the 200 day EMA indicators sitting right there as well.

S&P 500 Technical Analysis

The S&P 500 has pulled back just a bit, but it is breaking out, or at least in the process of attempting to break out of a previous consolidation area. And it looks very much like an index that’s trying to get back to the $6,120 level. This is an area that was essentially the top. And at this point in time, we have gotten to the point where we are about to wipe out all of the losses from the tariff talk a few months ago.

This has been a very volatile year. And I think that probably continues to be the case. But at this point in time, it does look like we are at least trying to squeeze higher. And that’s the theme here with the US indices. It looks like we are trying to do everything we can to go higher. We are facing some resistance in the form of gravity.

But I do believe that at this point in time, short-term pullbacks are going to be thought of as potential buying opportunities in a market that simply just won’t lay down.

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