Nasdaq, Dow, S&P 500 Forecast: Bulls Defend Key Support

NASDAQ 100 Technical Analysis

The NASDAQ 100 is in the CFD world, rising slightly on Monday, but that doesn’t matter. That’s not even real trading at this point.

The market has created a little bit of a double bottom. The jobs number was hotter than anticipated, and that caused a little bit of a wiggle in the bond market. But it looks like the AI trade is trying to make its way back.

It is worth noting that the market has been hanging around the 50-day EMA, consolidating for a few weeks now. But it does look supported. And despite the fact that rates continue to climb, that hasn’t changed, so sometimes it’s a matter of what markets do and not what you think they should do.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks as if it’s going to perhaps look for more support near the $53,000 level. There’s the 50-day EMA sitting just below there as well. It’s a nice technical area to pay attention to.

Whether or not it holds, we don’t know yet, but what we do know is that it’s in an uptrend. And that is by far the most important thing here.

S&P 500 Technical Analysis

The S&P 500 was a little bit soft on Friday. There does seem to be some technical support right around 7600 with the 50-day EMA, so it would not surprise me to see buyers step in if we get anywhere near there.

On the other hand, the 7800 level above has been resistance. That scenario that I’ll be watching as well. Breaking above that could open up some FOMO trading.

Again, Monday’s trading is CFD trading. It’s not the real thing. The actual index itself isn’t open. So I am ignoring the candle for the session, but it does look like we have some themes here of choppy consolidation with support across all three indices.

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