NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Stable After Initial Selloff

Nasdaq 100 Technical Analysis

The Nasdaq 100 initially pulled back on Friday, but it looks like we are starting to see a little bit of support come back into the picture as we have bounced from the 50-day EMA. By doing so, this suggests that we continue to see buyers on dips, and I do think that eventually the Nasdaq 100 will break out to the upside. The floor in the market at the moment is the 25,000 level, and I think we continue to see plenty of value hunters in that general vicinity. If we could break up higher to the 26,500 level, that opens up the door to a much bigger move.

US30 Technical Analysis

The Dow Jones 30 has pulled back just a bit during the early session as well, testing the 50-day EMA as support. The 50-day EMA, of course, is a major indicator for support that a lot of people will use, and you can look at this through the prism of a bit of a trend line. Short-term pullbacks I think continue to offer value over here, and I believe that the 48,000 level is the support level as well.

S&P 500 Technical Analysis

The S&P 500 fell initially but then turned around to show signs of life again, and it looks like we are going to continue to break above the 7,000 level over time. This chipping away at this major barrier probably gets boosted by earnings season sooner or later, but keep in mind that also brings quite a bit of volatility into the market as well.