NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Continue to Look Lackluster

Nasdaq 100 Technical Analysis

The Nasdaq 100 has dropped a little bit in the early trading hours of Friday as we continue to consolidate in this very choppy region that we have been in. The 20,000 level above continues to be a major resistance barrier, while the 19,129 level underneath seems to be support.

At this point, there’s really nothing going on in the market that tells me it’s time to get long or short for that matter. So, I think you’re just watching to see which direction we break out of this little range. It is worth noting that volume has picked up, so you’re at least starting to see part of the initial attempt to form a bottom.

Dow Jones 30 Technical Analysis

The Dow Jones 30 dropped a little bit lower in the early hours on Friday as well, with the 42,000 level offering a significant amount of resistance. If we can break above the top of the Thursday candlestick, then it’s possible that the Dow Jones 30 goes looking to the 50 day EMA all the way up at the 43,000 level. However, this looks a lot like a market that just doesn’t have any momentum to push it up above there.

S&P 500 Technical Analysis

The S&P 500 has pulled back a little bit in the early hours as we continue to bounce around here as well. We are just below the 200 day EMA and that does signify that perhaps we are trying to break down, but if we can get a daily close above that 200 day EMA, that would be a very positive sign.

A lot of things right now are pushing the markets around as risk appetite is very suppressed as traders worry about tariffs, global trade shocks, and the like. All things being equal, this is a market that continues to be very choppy and noisy, and you’re probably best served to let the market move first before putting money to work.

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