Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – Middle East Jitters & Earnings Drive Volatility

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied slightly during the trading session on Friday and in the early hours as we are testing 28,500. If we can break above there, it would be a bit of a victory, but the 50-day EMA sits just above there as well, and it could offer a bit of resistance. Short-term pullbacks could be buying opportunities. We’ll just have to see how this plays out, but as we head into the weekend, it’ll be interesting to see whether or not New York-based traders want to carry risk into the weekend with so many moving pieces.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rallied as well, and now looks as if it is going to challenge the 52,500 level. It has been in an uptrend for quite some time, so this would just be a continuation of everything that we’ve seen previously. The 50-day EMA acts a bit like a trend line, so until proven otherwise, I have to assume that it will do something like that again.

S&P 500 Technical Analysis

The S&P 500 has touched the crucial 7,500 level but pulled back a bit, with the 50-day EMA underneath offering support. If we can break above the 7,500 level, it opens up a move to the 7,600 level, an area that’s a large round, psychologically significant figure and an area that has been resistance multiple times.

Again, we’re in the middle of earnings season, so keep that in mind. I also think there’s a certain amount of fear due to the Middle East and the unwinding of the AI trade that has happened a couple of times now, so markets are shaky.

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