Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – Early NFP Release Sparks Profit-Taking

NASDAQ 100 Technical Analysis

The Nasdaq 100 has pulled back slightly during the early part of the Wednesday session, which does make a certain amount of sense considering that the jobs report comes out on Thursday this week, so I wouldn’t be surprised to see very quiet trading. A pullback makes a certain amount of sense, as it could be some profit-taking after the last couple of days.

Pullbacks at this point in time are supported all the way down to the 50-day EMA, so, quite frankly, I would love to see this market fall apart, at least in the short term, maybe the next day or two, so I can buy it at a cheaper level. The 30,600 level above, I think, is your target. If we can break above there, then the Nasdaq 100 goes much higher.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has gone back and forth during the trading session here on Wednesday as well, as we continue to hang out just above the 52,000 level. The 52,500 level is a bit of a barrier; if we can clear that, then I think we can go much higher. Short-term pullbacks I think, are buying opportunities, with the 51,500 level offering a floor. If we do get a little bit of a pullback, I’ll be looking to buy, as it could give us a bit of value.

S&P 500 Technical Analysis

The S&P 500 finds itself hanging around just below the 7500 level. That’s a reasonable barrier; it’s a large, round, psychologically significant figure and an area that’s been somewhat important in the past. Again, I think maybe a little bit of a drift lower as we head towards the jobs number on Thursday, and of course, the Friday session being closed in the United States will have a major influence as well.

Probably setting up for a recovery next week, but in the meantime, we may have to drift a little bit to the downside. I don’t necessarily want to get short, I’m okay with buying dips. But of course, the only thing that you can keep front and center at the moment is going to be the fact that we are compressing after a huge run higher. Typically, that means continuation, but it can take some time.

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