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

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied just a bit during the trading session on Wednesday in pre-market trading and it looks like the 23,250 level is offering support. And then of course, you have the 50 day EMA at the bottom of the Tuesday candlestick as we had formed a massive hammer. So, traders will be looking to see if there’s any follow through here. Once New York comes online, if there is, then we very likely will try to get back to the 24,000 level. At this point in time, the non-farm payroll announcement during the Friday session will take precedence. So, I think really what we’ve got in this moment here is a situation where we probably go sideways more than anything else.

Dow Jones 30 Technical Analysis

The Dow Jones 30 or the Dow Jones Industrial Average found itself testing the uptrend part of the overall wedge, with the 45,000 level offering support during Tuesday and on Wednesday, we are very sideways. If we rally from here, the market could go looking to the 45,650 level. If we break down below the 44,800 level, then I think we test the 50 day EMA. But in general, I think this is a market that is probably just going to be waiting around to see what happens on Friday.

S&P 500 Technical Analysis

The S&P 500 has been very quiet as it looks like it is basically flat from the previous session. The previous session fell pretty significantly on Tuesday, but turned around to form a massive hammer. This shows that there is at least interest in buying the S&P 500. The 6,500 level above is a major barrier. And I do think again that the Friday non-farm payroll announcement will really start to take hold of the narrative here and with that being the case, it wouldn’t surprise me to have a couple of days of sideways choppy action and then maybe react to the jobs report when it comes.

For a look at all of today’s economic events, check out our economic calendar.