NASDAQ 100 Index, S&P 500 and Dow Jones Forecasts – US Indices Wait for NFP Friday

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied just a little bit in the pre-market trading on Thursday, but keep in mind that we are waiting on the jobs report on Friday. So, I do think that any move on Thursday should be taken with a grain of salt at this point. The 23,250 level below should offer support, right along with an uptrend line and the 50 day EMA, which is basically walking along the same level. If we rally from here, the market could try to get to the latest swing high at 23,715. But anything above there probably needs a reaction to the Friday jobs report. If we break down below the 50 day EMA, then the 22,650 level could be your next support level.

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially gapped lower but then turned around to show signs of life again. The 45,000 level has offered support right along with the uptrend line of what looks a little bit like a rising wedge, but it might be a little bit premature to talk about that. Ultimately, this is a market that I think also will be waiting on the Friday jobs numbers to get an idea as to what we’ll end up doing. It isn’t an uptrend, and one would assume we are still going to be in an uptrend next week.

S&P 500 Technical Analysis

The S&P 500 rallied slightly during the early hours here on Thursday as well. But again, we are waiting on a major jobs report, which a lot of traders will be looking to see what the Federal Reserve will do in reaction. The S&P 500 continues to see the 6,500 level as major resistance. And I think that it could be your short-term target. Breaking above there, I assume we’ll get good news coming out of the jobs report. And by good news, that might actually be bad news.

We might be back into that phase where bad economic news actually makes Wall Street rally based on the idea of loose monetary policy coming down the road. If we do pull back, the 6,350 level should be support right along with the 50 day EMA just below there.

For a look at all of today’s economic events, check out our economic calendar.