NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Look Tired Early Friday

NASDAQ 100 Technical Analysis

NASDAQ 100 initially did try to continue to the upside on Friday, but we’ve since seen it fall pretty significantly from the top, but I think at this point in time, as we tried to threaten the 50 day EMA, it does make a certain amount of sense that we see a little bit of profit taking. I think we’re in the midst of trying to build a base for the NASDAQ 100, but this is going to be a very noisy market as we continue to worry about things like tariffs. That being said, I do think that a pullback probably attracts buyers underneath, but it does make a certain amount of sense that on Friday, people were willing to step away from the market because of weekend risks.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back from the crucial 40,100 level and at this point in time, it’s likely that we will continue to see a lot of noise. I do think that it is probably going to be a situation where traders will look for buying opportunities closer to perhaps 39,000. Volume has been increasing, so that’s a good sign for building a base, but again, it’s a process. It’s not an instant thing.

S&P 500 Technical Analysis

The S&P 500 has pulled back from the 5,500 level, and it now looks like it’s probably going to try to find support underneath. There is a gap near the 5,350 level that could offer an interesting place to get involved. But on the other hand, if we turn around and break above the 50-day EMA, then we are going to test the 5600 level. Breaking above there, then I think opens up the possibility of a bigger move. Nonetheless, this is a market that might be a little stretched in the short term, so I expect a lot of back and forth right here.

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