NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Continues to Stabilize

NASDAQ 100 Technical Analysis

The NASDAQ 100 has gone back and forth during the early hours on Thursday as it looks like we are just simply hanging around in this general vicinity. The 19,129 level is an area that continues to be important. And if we were to break down below there, I think it really gets the downside much more active.

At this point, I think the market is trying to determine whether or not it can build some type of base. A V-shaped recovery probably isn’t coming, at least that’s not what the last couple of days have told us. So now the question is, can we build a little bit of confidence and start to rally? That’s what I would be watching in the NASDAQ 100.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is hanging around the crucial 41,000 level and at this point in time, we are trying to build a base here as well. But unfortunately, just like the NASDAQ 100, it is still below the 200 day EMA. So, I think you have to understand that there are a lot of traders out there who will be very hesitant to jump into this market. The way the market sold off in the session on Wednesday does suggest we’ve got a long way to go before we turn around and get overly bullish. So do keep this in mind.

S&P 500 Technical Analysis

The S&P 500 continues to hang around the 5,600 level, which of course is a large round psychologically significant figure and an area that’s been important more than once. That being said, it had the same problems the other indices had on Wednesday, when we had taken off to the upside and then just couldn’t hang on to the gains.

Best case scenario, I think this one goes sideways as well because this is a market that I think ultimately is going to be looking for some type of catalyst to go higher. But the first thing you need to do is build up confidence. And I think that’s what we’re seeing in US indices right now. We’re just trying to build that confidence.

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