NASDAQ Index, Dow Jones and S&P 500 Forecasts – US Indices Trying to Turn Things Around on Friday

NASDAQ 100 Technical Analysis

The Nasdaq 100 has been very noisy during the early hours on Friday, but it looks like we are, in fact, trying to find some type of bottom. We are sitting just above the 200-day EMA, and that offers a bit of a floor in the market as traders continue to pay close attention to whether or not we can hold the same consolidation we’ve been in for a while.

I do think that is the case because, quite frankly, despite the fact that it’s been difficult to find a lot of gains, it must be said that we have been extraordinarily resilient considering there’s a full-blown war going on at the moment.

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks like it is going to try to turn things around during the session and try to break above the 47,000 level. I think that’s particularly noteworthy because we are right around the 200-day EMA as well so that obviously is bullish also.

So, with that, I am looking for this market to go to the 48,000-level given enough time. Short-term pullbacks I think continue to be potential buying opportunities, but I also recognize that this is a market that is going to move on to the latest headlines and you will of course have to pay close attention to your news feed. I like the idea of trying to find a little bit of value in what I think is a longer-term uptrend just waiting to happen.

All things being equal, I will look at this through the prism of trying to find cheap contracts, but if we were to break down from here the 45,750 level could be the next support level.

S&P 500 Technical Analysis

The S&P 500 looks like it’s going to try to rally a bit as well, as we have found the 200-day EMA region as support. I think ultimately bouncing from here opens up the possibility of a move to the 6,800 level, an area that is the bottom of a range that the market had been in.

If the market were to break above the 6,800 level, then the 50-day EMA gets targeted followed by the 7,000 level. I do think eventually we break out to the upside, but this is a sluggish kind of malaise that we’re in.

All things being equal, it is impressive that we haven’t fallen apart. Sometimes it’s about what the market won’t do.