Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Quiet Early on Friday, Waiting for News

NASDAQ 100 Technical Analysis

The Nasdaq 100 has been very quiet in pre-market trading on Friday, which makes a certain amount of sense considering everybody is just sitting around and waiting to see if the ceasefire will actually hold in the Middle East.

Nonetheless, we are pretty overextended from basically last Tuesday, so a little bit of a pullback I think would make a certain amount of sense. The 50-day EMA down at the 24,600 region offers nice support, so I think all things being equal this is a market that you are looking for some type of value as far as price is concerned to take advantage of what could end up being a bigger uptrend.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is very quiet as it sits above the crucial 48,000 level. But again, I think this is a market that’s just a little extended; that doesn’t mean that I would be bearish, I just think it’s difficult to get overly aggressively bullish at the moment.

With that being the case, pay attention to the 50-day EMA underneath near the 47,500 level as potential support. I don’t have any interest in shorting, I think there’s a hard floor somewhere just below 47,000.

S&P 500 Technical Analysis

The S&P 500 finds itself a little bit positive during the pre-market trading session, but most important for me is that we’re above the 6,800 level.

The 10-year yield in America is starting to drift a little lower; that is good for stocks. I think we could have a positive day, but like the others, it is overstretched, so a pullback wouldn’t exactly be either surprising or the worst thing in the world to happen to this index. Ultimately, I’m bullish and I will be a buyer of dips.

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