NASDAQ 100, Dow Jones and S&P 500 Forecast – US Indices Sluggish After Jobs Report

Nasdaq 100 Technical Analysis

The NASDAQ 100 has gone back and forth to show signs of hesitation as we just don’t really know what to do with ourselves with a shrinking economy. That being said, the 20,000 level seems to be offering a bit of a short-term floor, so it’ll be interesting to see how this plays out. If we can stay above 20,000, there’s at least a chance that we will go higher, but we need to get above the 200-day EMA in the first place. If we do, then it could open up a move to the 20,500 level, but quite frankly, I think you’ve got a situation where the markets are just pathetic, and you shouldn’t get long, but they are sitting on massive support, so you can’t short either.

Dow Jones 30  Technical Analysis

The Dow Jones 30 looks like it has no idea what it wants to do with itself either. So with that being said, I think the market has to look at this through the prism of guessing whether or not it is going to find enough buyers underneath with the 200 day EMA right around the 42,000 level, offering a bit of a floor, but really at this point, I think you’re asking for a lot to get long here. We are at the bottom of a larger range, so it would make a certain amount of sense that perhaps there might be value hunters here, but if we break down below this $42,000 level, the Dow Jones 30 falls apart.

S&P 500 Technical Analysis

The S&P 500 sits right here at the 200-day EMA, just below the $5,800 level, and as you can see, the market has shown itself to be a little bit overdone to the downside, whether or not we can bounce remains to be seen, but I think you’ve got a situation where traders will continue to look at this as a market that could be offering value, but you need to see some momentum. We don’t have any momentum right now. And as a result, I would avoid this.

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