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

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially did rally a bit during the early part of the Thursday pre-market session but then gave back some of the gains to show signs of hesitation. This is a market that I think, given enough time, will find buyers, and I am particularly interested in the 25,000 area. The 25,000 area is also backed up by the 50-day EMA, so I think that makes a nice hard floor for the Nasdaq 100, which has been in a strong uptrend anyway.

Dow Jones 30 Technical Analysis

The Dow Jones 30 is pulling back just a little bit during early Thursday trading but is obviously very bullish. We’ve had three very strong days in a row, and a little bit of a pullback would make a certain amount of sense, I think. That doesn’t mean that we’re going to see anything major. I think, quite frankly, this is a scenario where traders will be looking for value that they can take advantage of, perhaps sending this market towards the 49,000 level. The 50-day EMA is racing towards the 47,000 level, and anything below there opens up the possibility of a move down to the 46,000 level, although I think that’s less likely to be the case than a pullback and a bounce.

S&P 500 Technical Analysis

The S&P 500 initially tried to rally during the trading session but has given back the gains pretty quickly, and it looks as if we are going to perhaps pull back towards the 6,800 level. The 6,800 level is an area that’s been important a couple of times in the past, and it would make a certain amount of sense that it opens up as support. Anything below there, then starts to talk about testing the 50-day EMA and the uptrend line, but as things stand right now, I am still bullish, and I look at pullbacks as potential buying opportunities in a market that has seen quite a bit of upward momentum going all the way back to April.

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