NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Look Likely to Drift into the Weekend

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially did pull back just a bit during the early hours on Friday, but we have turned around to show signs of life. It is worth noting that the candlestick from the Thursday session was horrifically negative. So, I think ultimately, we may have a situation where we grind sideways and we’ll just have to see how that plays out. I think the 21,000 level is pretty significant support. And if we break down below there, then you have the 20,600 level. I don’t know if we have the momentum to go higher. I think we need to work off some froth here.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back just a bit during the early hours on Friday as well, as it continues to hang around the 42,000 level. The 50 day EMA is starting to turn higher to break above the 200 day EMA, opening up the possibility of a potential golden cross. The 43,000 level above is a major barrier, from what I can see, where we could be in the process of forming a double top. But the action that we’ve seen over the last several weeks suggests, of course, that there are plenty of buyers willing to get involved. Therefore, short-term pullbacks should be thought of as potential buying opportunities.

S&P 500 Technical Analysis

The S&P 500 initially pulled back just a bit during the early hours on Friday as the 5900 level continues to attract a certain amount of attention. But even if we break down below there, the 5800 level has even more support. We did try on Thursday to break above the 6000 level, and we saw a lot of selling. So, I think it’s going to be very difficult to get above there. With that in mind, a 200 point range makes a lot of sense right here with a buy on the dip attitude. If we can finally break above the 6000 level, then we are going to go looking towards those all-time highs, which are closer to 6,150.

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