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

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied slightly during the early hours on Thursday, but really at this point in time, it looks as if the market is doing a lot of noisy trading, but not necessarily being able to hang on to gains with any significance. So, with that being said, the 20,000 level is in area I’ll be watching very closely. And if we can overcome that level, then I think the NASDAQ 100 could go testing the 200 day EMA again.

This is an area where you would expect trouble, but we’re also in an area where you would expect support, so this is where the rubber meets the road as it were. That being said, I think if we were to take out this nasty candlestick from the horrific Wednesday session, that probably speaks volumes as to whether or not we can truly recover. There are a lot of concerns out there right now about tariffs and of course, Trump decided to make his announcement after the market. So, we had all day to be panicked about it, and that’s exactly what the market did.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks a bit healthier than the NASDAQ, and it has led the way over the last couple of days in general. At least it was less bad on Wednesday, so this does make a certain amount of sense that we would see this perhaps lead the charge higher as well. After all, the tariffs should help a lot of these companies. Well, I’ll have to wait and see, but if anything’s going to drag Wall Street higher, it’s probably this index. I don’t have any interest in shorting and we are well above the 200-day EMA.

S&P 500 Technical Analysis

The S&P 500 touched the 200-day EMA but doesn’t seem to be able to put enough momentum into the market to break above there. That being said, give it some time it may very well do so, and then I would keep an eye on 5,800. If we get a 5,800 print, that could be the sign that the worst of the selling is over. It’ll be interesting to see how things play out. There is a lot of fear out there right now. A lot of times that’s when you see markets bounce pretty significantly, but you don’t want to be the first one trying to make it happen.

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