NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Pull Back Early on Friday

Nasdaq 100 Technical Analysis

The Nasdaq 100 initially tried to rally a bit in the early hours on Friday but has since found itself struggling and now it looks like we are just simply hanging around trying to see whether or not the 22,000 level will, in fact, end up being a support level. All things being equal, I do think that we will probably turn around eventually, but I also recognize that this is a market that is a little stretched. So, some consolidation would make a certain amount of sense.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has plunged a bit during the day on Friday, but again, that’s not a huge surprise considering that it’s been a laggard over the other indices for the last couple of days. Ultimately, this is a market that is hanging around the 50 day EMA and that, of course, is an indicator that a lot of people pay close attention to.

With that being the case, I am more apt to look for a bounce somewhere near the 43,500 level, but we haven’t seen that yet. We’ll have to wait and see how that goes out of the three indices. This is probably my least favorite of mine, at least at the moment.

S&P 500 Technical Analysis

The S&P 500 has been fairly negative on Friday, but we are approaching an area around the 6,100 level that is somewhat supported, and then after that, we have the 50 day EMA coming into the picture as well. The 50 day EMA, of course, is an indicator that a lot of people will pay attention to for trend, and it has been fairly reliable going back in an entire year, maybe even more than that.

All things being equal, I think it’s probably only a matter of time before we break out to the upside and possibly go looking to the 6,200 level. However, I would not pile in here. I think you’re looking for some type of signs of life to take advantage of.

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