#Indices Weekly Forecast: #NASDAQ100,#FTSE100,#DowJones30 (11–15 Dec 2023)

NASDAQ 100 Index

The NASDAQ 100 Index printed a sixth successive bullish candlestick, making its highest weekly close in almost 2 years, although it did not trade at a new high. Bullish momentum renewed last week, and we have a bull market here.

The NASDAQ 100 Index has historically been a great investment on the long side, especially during a bull market.

I am happy to be long of the NASDAQ 100 Index, especially now that we have seen a simple moving average crossover with the 50-day crossing above the 100-day.

FTSE 100

The FTSE 100 initially pulled back during the week, but much like the previous week, we have seen buyers come back in to pick this market up. Because of this, think the FTSE 100 is likely to continue to grind higher, perhaps trying to reach the 7750 level. That is the top of the recent range that we have been in, and therefore I think it’s likely that we continue to see more or less a grind to the upside, and not much more than that. Pullbacks should offer value all the way down to about 7230.

Dow Jones 30

The Dow Jones Industrial Average initially fell a bit during the week, dropping down to the 3600 level. That being said, it looks like the “Santa Claus rally” is about to kick into high gear, and the fact that this short-term pullback that we got during the week was bought into right away suggests that we are going to continue to go higher. Yes, we are a bit stretched at this point, but at the end of the day, traders are trying to pad their performance numbers by the end of the year.

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