Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – US Indices Trying to Reverse Recent Losses

NASDAQ 100 Technical Analysis

The Nasdaq 100 has fallen initially during the trading session on Thursday to find support at the 50-day EMA for the second time in 3 days, and now it looks like we are trying to bounce a bit. It’ll be interesting to see how this plays out because Donald Trump’s on TV talking about taking parts of the Iranian oil infrastructure but has since suggested that he would rather have a deal, so it’s probably a lot of noise that will amount to nothing, but we’ll just have to watch that.

The 28,500 level is an area that’s been supported previously. It seems to be holding up. I think we’re trying to find some type of range to trade in, and that makes sense. We had a massive move to the upside, so I think maybe somewhere around 29,500 might be your short-term ceiling. Clearly, the Nasdaq 100 is a market that has been bullish. It’s seen a lot of volatility lately, but when looked at through the prism of the last couple of months, it all makes sense.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is bouncing off the 50-day EMA, and it is back above the 50,000 level again. This is a market that I think will continue to be very noisy. I think it’s a market that will try to get back to the 50,750 level, but we’ll have to wait and see.

If we break down below the 50-day EMA, it opens up a move down to the 49,000 level. That’s an area that I think will be difficult to break down below, but as things stand right now, I think again, we’re just going to try to find some type of range after grinding higher for so long.

S&P 500 Technical Analysis

The S&P 500 is bouncing off the 50-day EMA and it continues to see the 7,300 level as an area of importance. If we can get any type of momentum, we could challenge the 7,500 level, but a breakdown below the lows of the session for Thursday could send this thing spiraling to the downside, perhaps even the 7,000 level before it’s all said and done.

Watch the 10-year yield, which will have a major influence on what’s going on here. PPI came in a little hotter than anticipated, not a big deal though. I think a sideways couple of months is what we’re setting up for, assuming things in the Middle East stay basically as they are.

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