NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Give Back Some of the Gains

NASDAQ 100 Technical Analysis

The NASDAQ 100 has pulled back a little bit in the early hours on Thursday, which makes a certain amount of sense considering that it had skyrocketed after the tariff announcement that the United States was pausing tariffs by 90 days. Now, even if we were to change the trend, and I think we are a long way from doing so, you still would expect a little bit of a pullback because most traders aren’t used to seeing 10% gains in a few minutes. So this pullback makes perfect sense. I think we are trying to stabilize and form some type of range. And the next couple of days will undoubtedly be very noisy.

Dow Jones 30 Technical Analysis

The Dow Jones 30 finds itself hanging around the crucial 40,100 level, an area that had previously been support and resistance, now starting to try to offer a little bit of support. If the market were to turn around and rally from here, I suspect we could go looking at the 42,000 level. If we break down below the 39,500 level, then there is the very real possibility that we will continue to drop towards 37,000, but I don’t think we’ll do it as quickly as we did previously.

S&P 500 Technical Analysis

The S&P 500 has also pulled back just a bit for the early hours of the session, and that makes a certain amount of sense as well. Like I said, the massive gains that the market had seen during the previous session simply has to be taken advantage of.

If you’ve made those type of games, you are willing to make some profit. I think that’s going to be the story here. I do expect to pull back a little bit. I don’t expect some type of meltdown. I think we need to establish a range of stability, if you will.

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