NASDAQ 100 Technical Analysis
This is a market that has been coiling to the upside, and I do think short-term pullbacks open up the opportunity to start buying again. The 50-day EMA and the 25,000 level both offer support. If we can break above the 26,000 level, then we will start to drift higher. There is a massive trend line that’s been in effect for a while, so I pay close attention to that as well.
Dow Jones 30 Technical Analysis
The Dow Jones 30 has pulled back just a bit during the early hours of Friday, and it does look like there is a situation where, if we do pull back, I think a lot of people will see a lot of support. The 48,000 level is, for me at least, an area that’s basically the floor in the market. I do think eventually we try to get to the 49,000 level, followed by 50,000. Again, this is a market that will close at 1:00 New York time, so it’s a somewhat shortened day, and of course, it is thin because not only do Americans not come to work, but half of Europe is closed today as well.
S&P 500 Technical Analysis
The S&P 500 looks as if it is getting ready to try to break out to the upside and go to the 7,000 level. Again, I don’t know if it does it on Friday, but I would be quite frankly a little surprised. I think Friday is just going to be grinding quiet sideways action. Short-term pullbacks almost certainly would be buying opportunities with the 50-day EMA reaching the 6,800 level, which has now become your short-term floor. I am a buy on the dip trader.
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