NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Look Forward to NFP

NASDAQ 100 Technical Analysis

The Nasdaq 100 has initially rallied a bit during the course of the beginning of Thursday, but it looks to me like we will probably pull back a bit. And that does make a certain amount of sense. We do have a lot of supply that is between here and 22,200 or so. And of course, we have non-farm payroll numbers coming out during the next session. So, I would expect a little bit of give back here, although I’m not looking for a major trend change. I just think it’s a lot to ask of the market to suddenly scream to the upside when we’re waiting for such an important announcement. This is of course, unless there’s some type of external factor during the session.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has rallied slightly, but again, it looks a little tired as well. I suspect we probably have a sideways day and that of course dictates that you look for range bound trading if you’re involved at all. The 43,000 level above should remain significant resistance but if we can break above there, that opens up the possibility of a move to the 43,500 level.

Underneath we have the 42,000 level, which, of course, is a large, round, psychologically significant figure that has attracted a lot of attention. The 50 day EMA is trying to break above the 200 day EMA to kick off the so-called Golden Cross.

S&P 500 Technical Analysis

In the S&P 500 we initially tried to rally, but the $6,000 level continues to be a bit of a brick wall here. I think at this point in time you should probably take a look at the supply offered just above $6,000 from the initial sell-off candle that has not been taken out, and I think at this point in time it’s going to be difficult to get above there unless we get something from the jobs number that really gets the market moving. Otherwise, we may go sideways for a while between 5,800 and 6,000, but only time will tell. All things being equal, this is a market that I think does have a bullish lean to it, but it just doesn’t have a reason to truly take off yet. We’ll see what Friday brings because I think, unfortunately, Thursday is probably going to be more of the same grind.

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