NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Looking for Direction

NASDAQ 100 Technical Analysis

The NASDAQ 100 has gone back and forth during the trading session on Friday and really at this point in time, I think we are in a situation where we are trying to sort out where to go next. After all, we’ve been all over the place and it looks like we just don’t have a lot of clarity. We do have a little bit of stability though here in the NASDAQ 100 and that’s the beginning of something.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks very much the same as if it is trying to stabilize overall. And I think that’s probably going to be the overall theme of the US indices right now, where they are just trying to sort out where to go next. I do think that you have to assume that maybe some of the worst of the selling is done. But with these wild ranges that we’ve seen, caution is a better part of valor. The 40,100 level seems to be a bit of a barrier.

S&P 500 Technical Analysis

The S&P 500 has gone back and forth during the course of the trading session as well, as it looks like the 5300 level is essentially a magnet for price. If we can rally from here, the 5500 level will be a major barrier. It has been over the last couple of days. And of course, there is a lot of psychology when it comes to a big figure like that. So do keep that in mind.

With that being said, I’m pretty neutral on the market because quite frankly, you can’t get aggressive in this type of environment, at least not safely. So, with that being said, I am probably going to wait and see how this plays out over the next day or two before I get involved.

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