NASDAQ, Dow Jones and S&P 500 Forecast – US Indices Continue to Bounce About

NASDAQ 100 Technical Analysis

The NASDAQ 100 dipped a little bit during the trading session on Tuesday, only to turn around and show signs of strength. Now, at this point though, I do believe the market is likely to continue to see a lot of back and forth as we head into the idea of the jobs report. And of course, the jobs report will have a major influence on what the Federal Reserve does and thereby the risk appetite of traders.

The NASDAQ 100 does look like it’s probably going to remain somewhat range bound, but I do favor the upside, mainly due to the fact that it’s in a longer term uptrend anyways, so there’s no point in fighting it. And I believe at this point, the 50 day EMA and the 21,000 level both come into the picture for support.

Dow Jones 30 Technical Analysis

The Dow Jones 30 gave up quite a bit of gains during the early hours on Monday, and Tuesday looks like we are trying to get to the upside, but the 50 day EMA seems to be a bit of a barrier. Once the Dow Jones 30 can break about the 43,500 level, I believe it can truly take off. As things stand right now though, I think you are looking at 42,000 as your short-term floor in what’s probably going to be choppy consolidation.

S&P 500 Technical Analysis

The S&P 500 broke above the 6,000 level during the previous session and starts this one just below it. If we can break above that 6,000 level on a daily close, then I think something really starts going as we will run towards 6,100 and breaking above that would be extraordinarily bullish. Short-term pullbacks at this point in time continue to see the 50-day EMA as support right along with the 5,800 level.

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