NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Slow in Early Thursday Trading

NASDAQ 100 Technical Analysis

The NASDAQ 100 is fairly quiet in the early hours on Thursday as we continue to see a lot of noisy behavior. And I think ultimately this is a market that is just looking for some type of momentum. The 22,000 level is an area that previously has been resistant. So, one would think that market memory comes into the picture to offer support. If we can break above the highs of the last couple of days, then the 22,500 level becomes the target. Even if we were to break down below $22,000, I believe the 50-day EMA underneath should also offer support.

Dow Jones 30 Technical Analysis

The Dow Jones 30 continues to do very little as it’s just compressing and compressing, and I think is probably building up inertia for the next move. One would have to assume that the next move is probably higher, but we need a catalyst.

We just don’t have it right now. And other than the 50 day EMA offer and support, I don’t really know what is going to get this pair or market moving, but a move above the 45,000 level certainly would be a sign that the next leg hire is happening.

S&P 500 Technical Analysis

The S&P 500 continues to sit right around the 6100 level and just isn’t doing much this week but really just haven’t had momentum. Again, there is the old adage, “never short a quiet market”, and maybe that’s what’s going on here. I don’t know. Either way, I don’t see anything worth selling, but momentum definitely is needed.

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