NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Quiet in Premarket

NASDAQ 100 Technical Analysis

The Nasdaq 100 has shown itself to be somewhat lackluster in the early hours here on Friday as we are hanging out just below the crucial 24,000 level. If we can clear the 24,000 level, then that opens up the next leg higher. If we pull back from here, and that is possible, it’s likely that we will see plenty of support at multiple areas all the way down to at least the 23,250 level, where we have the 50 day EMA.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has pulled back from the top of the trend line that has been resistant, but you should also keep in mind that the little bit of pullback that we’ve seen during pre-market trading on Friday is pretty insignificant when compared to the big move that we saw during the Thursday session. So, with that being said, I think you’ve got a situation where traders are just going to look at this as a market that they will continue to buy dips in. It is clearly bullish at this point.

S&P 500 Technical Analysis

The S&P 500 is also slightly negative in the early hours here on Friday, but we are right in the middle of the overall channel. It certainly looks as if we are trying to sort out where to go next. I think a pullback at this point in time would have significant support down near the 6,500 level. But again, this is a situation where the pullback is very slight in comparison to the previous session. So, with that being said, I do anticipate that any pullback will end up getting quite a bit of buying pressure, especially if we were to get anywhere near the 6,550 level and then again at the 6,500 level.

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