NASDAQ Dow Jones SP 500 – Can US Indices Find Momentum?

NASDAQ Dow Jones SP 500 – US Indices Choppy in Early Hours of Thursday

US indices are noisy on Thursday, as we are trying to determine whether or not we can find continuation of the upward momentum from the previous session.

NASDAQ 100

The Nasdaq 100 has shown itself to be rather choppy during the early part of the session on Thursday as we are at least trying to keep above the 25,000 level.

NASDAQ 100 daily candlestick chart showing price consolidating around 25,000 and the 50-day EMA. Source: TradingView.

Nasdaq 100 Is Trying to Hold Above 25,000

We are also testing the 50-day EMA and if we break above there, it opens up the possibility of a move to the 25,400 level. Anything above that level then has the ability to send the market towards the highs again. Ultimately, that probably happens, but keep in mind there are a lot of headlines out there that will continue to cause chaos.

Dow Jones 30

The Dow Jones 30 is looking very much the same in the sense that we are going back and forth, showing signs of hesitation and volatility just underneath the 50-day EMA.

Dow Jones 30 daily candlestick chart showing consolidation below the 50-day EMA and resistance near 49,000. Source: TradingView.

49,000 Remains the Key Barrier for the Dow

The 49,000 level above is a bit of a barrier. Breaking that opens up an opportunity to continue much higher, perhaps going to the upside. Short-term pullbacks continue to be buying opportunities with the trend line and the 48,000 level both offering significant support. Ultimately, the uptrend continues.

S&P 500

The S&P 500 has been a little bit negative in the early part of the Thursday session as we are sitting right around the 50-day EMA. If we can break above the highs of the candlestick that we have formed so far, it opens up a real possibility of a move to the 7,000 level. The 7,000 level is a large round psychologically significant figure and an area that a lot of people will be watching very closely because if we can get above there, it kicks off a continuation of the uptrend that we had been in previously.

S&P 500 daily candlestick chart showing a test of the 50-day EMA with 7,000 as the next upside target. Source: TradingView.

S&P 500 Sits at a Make-or-Break 50-Day EMA Test

The 6,800 level continues to be an area that begins a very thick support level. Ultimately, this is a market that’s just trying to find a reason to go higher, but there are so many negative headlines out there right now that quite frankly, it’s just not going to be easy.