NASDAQ, Dow Jones and S&P 500 Forecast – US Indices See Sluggish Action on Friday

Nasdaq 100 Technical Analysis

The NASDAQ 100 pulled back just a bit during the early hours on Friday, but really at this point in time, we still have plenty of upward momentum. So, with that being the case, I think a short-term pullback probably offers enough value that people will be interested in.

The 50-day EMA currently sits at the 20,000 level, but you could make an argument that we are a little overbought in the short term. Longer term, it looks like we have to continue to see a lot of volatility, but this is a market that has been upwards for some time, and with that being the case, I think you’re just looking for opportunities to pick up value.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is relatively quiet early on Friday, but really at this point in time, I think what we’re seeing is a market that’s getting used to being up here because we shot like a rocket on Wednesday straight up in the air. Thursday was extraordinarily quiet. And now we’re just sitting here treading water, which is sometimes what you do after a big move. Again, I think any short-term pullback is a buying opportunity all the way down to the 41,900 level, and therefore I have no interest in shorting this market.

S&P 500 Technical Analysis

The S&P 500, perhaps a little overbought, but I wouldn’t be surprised at all to see this touch 6,000 in the next trading session or two. The one thing that I would point out with the S&P 500 is there is a gap underneath that needs to be filled, I suspect, but really that pullback’s only going to attract a lot of attention as the 5700 and the 50-day EMA sitting right there both should offer support.

I’d also bring to the forefront that it is Veterans Day on Monday in the United States, and therefore you have to understand that the New York Stock Exchange is going to be open, but there’s also the possibility that the liquidity will be a lot lower. Some banks will give the day off, et cetera, et cetera. So do keep that in mind. But regardless, I think this is a situation where short-term pullbacks continue to offer buying opportunities and therefore, I think you have to look at this through the prism of trying to find value.

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