NASDAQ 100 Technical Analysis
The Nasdaq has been back and forth during the trading session here on Thursday as we continue to see a lot of noisy behavior.
The 30,000 level above is a large, round, psychologically significant figure, but we have busted through it multiple times. Short-term pullbacks, I think, are buying opportunities with the 50-day EMA near the 29,000-level offering support. To the upside, we have the 30,700-level offering a ceiling; breaking that lets this market take off. That being said, Friday is a holiday in the United States.
Dow Jones 30 Technical Analysis
The Dow Jones 30 has taken off during the trading session on Thursday in reaction to the idea that less jobs equals lower rates. I think that’s nonsense. I think also, before it’s all said and done, we’re just continuing the overall trend to the upside. I think we’re going to go looking to the 53,000-level given enough time, but I also recognize that this is a market that will remain choppy. I think 52,000 is your floor.
S&P 500 Technical Analysis
The S&P 500 is hanging around the top of the crushing triangle that we had been in. But if we can break above the triangle, then I think it opens up the possibility of a move to the 7,650 level. I think any pullback at this point in time, you have to look at as a potential buying opportunity in what has been a very strong market. Again, Friday we’re closed, so I wouldn’t read too much into it. Probably a pretty quiet session between now and the end of the day, so I think we just pick things back up on Monday.
NASDAQ 100 Price Forecast
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