NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Look to Rally into OpEx

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied a bit in the early hours on Friday as it looks like the 21,500 level is in fact going to offer support. This is a market that has a lot of volatility under the best of circumstances. And I think on Friday, there probably will be quite a bit as well, considering there’s a lot of things around the world right now to worry about.

The president in the United States said he was going to give the Iranians two weeks to make his decision on whether or not the US would be involved, but that could be a diversion tactics, so we’ll have to wait and see. I think short-term pullbacks continue to be buying opportunities, all things being equal, but it is difficult to bust through and make all-time highs in this scenario.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rallied as well, bouncing from the 200-day EMA in a sign of support near the 41,750 level, and does look like it’s ready to continue its overall consolidation which means it could go as high as 43,000 without changing much. The 50 day EMA and the 200 day EMA are in this neighborhood as well, so that obviously helps things along also.

S&P 500 Technical Analysis

The S&P 500 gapped higher to kick off the trading session and then ran to the 6,000 level. The psychologically important 6,000 level is an area where a lot of traders will be paying attention to potential moves. And if we can break above there, the S&P 500 could find itself going to the 6,060 level. This consolidation here is pretty expected due to the fact that we rallied so far in such a shorter amount of time. But I think going into the weekend, it’s very difficult for traders to get overly excited about buying. So, we’ll just have to wait and see how this plays out. But I certainly would not get short of this market.

For a look at all of today’s economic events, check out our economic calendar.