NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Sluggish in Early Thursday Action

Nasdaq 100 Technical Analysis

The Nasdaq 100 has pulled back just a touch during the early hours here on Thursday, as we, of course, will be waiting on the non-farm payroll announcement on Friday. At this point, though, I do not really see anything on this chart that has me overly concerned.

I think we have had a nice, long, steady uptrend for most of 2025 fade into consolidation in 2026. This week is always a little bit strange anyway, because people are just now coming back to work, and one of the first things you have is a jobs report.

Once we get through that, traders will start to look at the possibility of what the Federal Reserve may or may not do, and if the jobs report is poor, that might actually be good news. Keep that in mind. Short-term pullbacks, I think, have plenty of support near the 50-day EMA and the 25,000 level.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is a little soft as well, although it is worth noting that it was the performer of the three major indices over the last couple of days. So, this pullback, I think, will end up offering value.

I believe there is an obvious floor near 48,000 with the 50-day EMA rising into that area. If we do in fact start to get a little bit of stimulative action from budgets, that only increases the demand for industrials like the ones you find in this index. So I remain bullish.

S&P 500 Technical Analysis

Finally, the S&P 500 looks like it is going to soften a bit as well, but it has been grinding higher in a very choppy and slow move. With this being the case, I would not read too much into this at all.

I think it is just people getting squared up ahead of the announcement on Friday for the jobs report, and of course, the fact that people are just now starting to come back to work. This looks a lot like the Nasdaq 100, which makes sense because they are both not equally weighted, and they feature a lot of the same companies these days.

Basically, the S&P 500 is a less volatile version of the Nasdaq 100. With that, I think there is a major floor right around 6,800, with the 50-day EMA sitting above there offering a bit of support as well.

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