NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Fairly Quiet Early on Friday

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially did try to rally during the trading session here on Friday, but it looks like we are running out of momentum. At this point, it wouldn’t surprise me at all to just simply go back and forth for a moment because, quite frankly, even the bigger days, the ones with the larger ranges, have been extraordinarily choppy and grinding more than anything else. The 23,000 level should offer significant support.

Dow Jones 30 Technical Analysis

The Dow Jones Industrial Average initially tried to rally as well during the Friday session, but it looks like we just don’t have enough momentum to continue going higher. The 45,000 level is an area that has been significant resistance. So, if we can break above there, I think that opens up a new wave of buying. But quite frankly, this is a market that’s been stuck for a while, although this is a market that recently has broken above the top of a potential bullish flag. And I think a lot of people are going to see that as a reason to get bullish, although it may take a minute. I do think eventually we will break out.

S&P 500 Technical Analysis

The S&P 500 initially tried to rally but has given back gains in rather lackluster trading yet again. If we were to pull back from here, then the 6,300 level is an area that I think a lot of people will end up being a floor. The 6,300 level is an area that previously had been resistance. And I think there’s a lot of market memory in that general vicinity. If we do break above the highs of the last couple of days, obviously that kicks off a move towards a higher level, maybe as high as 6,500 before it’s all said and done. But at this point in time, it looks like the indices in the United States are just a bit tired.

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