NASDAQ Index, SP 500 and Dow Jones Forecasts – US Indices Fall in Overnight Electronic Trading for Holiday

NASDAQ 100 Technical Analysis

The NASDAQ 100 is of course closed on Thursday for Juneteenth, but it’s worth noting that there is overnight electronic trading and that of course has been expressed in the CFD market as well. The NASDAQ 100 looks a little soft at the moment, but the 21,500 level is an area that should continue to be important overall. So, I wouldn’t read too much into this other than we don’t have any reason to truly take off to the upside. I think more sideways action is probably to be expected.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has shown itself to be somewhat soft as well, as we are hanging around the crucial 50 day EMA. The 50 day EMA of course is an indicator that a lot of people will pay attention to as potential support. And then underneath there we have the 200 day EMA sitting right around that crucial 41,750 level. So, I think at this point, you probably have a scenario where it just isn’t ready to go anywhere yet. I don’t know if there’s a lot to read into this.

There is a gap underneath that had been filled. So, we’ll watch, but a move below 41,000 could send this market much lower. More likely than not though, we have more sideways back and forth range bound action, with the 43,000 level offering a bit of a ceiling.

S&P 500 Technical Analysis

The S&P 500 has dropped in overnight futures trading as well, and that of course shows up in the CFD markets. With that being the case, I think you’ve got a scenario where the market is just hanging around the 6,000 area going back and forth. Because of this, I think we have a situation where you are probably looking at dips as potential buying opportunities all the way down to the 5,800 level, but anything below there I think could change the attitude of the markets.

I believe that stock markets in general, and this is not only the three in this video, but several around the world, are on the precipice of trying to break out to the upside. But there’s a lot of confusion geopolitically and trade war related, et cetera, out there that has people perhaps not quite ready to go all in. It does favor the upside, though.

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