NASDAQ 100 Index, S&P 500 and Dow Jones Forecasts – US Indices Quiet Without NFP

NASDAQ 100 Technical Analysis

The Nasdaq 100 rose slightly during the early hours here on Friday, touching the 25,000 level again, but we don’t have the non-farm payroll announcement coming out. So, I think you’ve got a situation where, quite frankly, there just isn’t going to be a lot of bad news, at least not expected. So, I think the market probably just finds itself a little bit lost.

Now, having said that, we obviously have a lot of upward momentum in general. And with that being said, the market breaking above the 25,000 level opens up the possibility of a much bigger move. And I think that happens eventually, but I’d expect a little bit of choppiness right here.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks a little choppy as well, it’s slightly positive, but might be struggling here with the 46,750 level. A pullback at this point will more likely than not test the uptrend line, and that uptrend line, of course, will be paid close attention to as it has been important since the 1st of August. If we break down below there, I’m looking at the $46,000 level and the 50-day EMA for potential support.

S&P 500 Technical Analysis

The S&P 500 initially rallied a bit during the trading session as well, giving back some of the gains. And now it looks like we are just hanging about and trying to figure out where to go next? Short-term pullbacks offer buying opportunities from what I can see. And I do believe that we have a scenario where you continue to see plenty of people interested in this market, but it may be, again, a little sluggish because we do not have the jobs number to push things around.

I think it’s just going to be more than what we’ve seen for the last four or five trading sessions, there was just a lot of choppiness. We did get a little bit of volatility on Wednesday due to the ADP non-farm payroll announcement. But at the end of the day, there was not a lot going on. I think it’s just a drift, mainly to the upside. Pullbacks almost certainly offer value.

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