NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Look to Give Back Some Gains

NASDAQ 100 Technical Analysis

The NASDAQ 100 has pulled back just a bit in the early hours on Thursday only to find buyers underneath. All things being equal, this is a market that I think is still very much in the throes of trying to build some type of bottom. The 19,130 level above, I think is the beginning of significant resistance. And if we can break above there, then the market probably goes looking to the 50 day EMA after that. Underneath, I do think there are plenty of buyers. Somewhere near the 18,200 level, I think you would see perhaps value hunters trying to get involved.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has fallen a bit during the session to fill the gap that occurred on Wednesday. But what I find interesting is that the Wednesday candlestick ended up being a shooting star. The 40,100 level or so is significant resistance right along with 41,000. A pullback from here probably finds value hunters closer to the 39,000 level, but we’ll have to wait and see. It looks like it’s in a bottoming pattern as well.

S&P 500 Technical Analysis

The S&P 500 of course is just as choppy as the other two indices. And with that being said, I am paying close attention to the 5,500 level above, which is significant resistance. Underneath, the market we’ll see the 5100 level as important, right along with the 5000 level. We look very much like a market that’s trying to find its footing for the longer term move, which I think lends itself to a lot of sideways and choppy action.

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