NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Continue to Look Nervous

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied a bit during the early hours on Thursday as we are trying to, I think, consolidate a bit perhaps form some type of bottom in a market that has been absolutely hammered. With this being said, I don’t know that we have the momentum to go anywhere, but as soon as there seems to be some good news in the tariff war situation, all of a sudden, the market will rip to the upside. And I think there’s more of a danger of that happening than anything else.

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially tried to rally but looks pretty miserable. I think at this point in time, we may try to stabilize here as well, but I would avoid this. It’s just going to be too destructive and volatile. The 40,100 level is an area that’s been important a couple of times, and it was earlier than in the day on Thursday, so we’ll have to watch that level for any type of major resistance.

S&P 500 Technical Analysis

The S&P 500 looks a little bit more like the NASDAQ 100 as it has fallen on the last day or two, but it certainly looks as if it is trying to do everything it can to find its footing. That doesn’t mean that it will be easy. It doesn’t mean that will happen for that matter, but I do think that we are getting to the point where the selling is getting exhausted. After all, markets can only go in one direction for so long, and that means it goes up and down.

Sooner or later, traders start to look for things to buy, and the S&P 500 may very well be one of the places they find things to buy. So, with that, I am looking for longs, but we need to see some type of momentum to the upside. Keep in mind Friday is Good Friday, so liquidity obviously would be a major issue going into the next session.

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