NASDAQ 100 Technical Analysis
The US indices were closed on Friday, but CFD trading did, of course, happen, and pretty much what you would expect would happen did. Essentially, we reversed the trade from the Thursday session, and that makes sense considering that traders do not want to get overexposed into the weekend. This is a perfect example here in the Nasdaq 100, where the CFD market did, in fact, bounce. The market has been bullish longer term for some time, but we are consolidating here in the Nasdaq 100, compressing if you will, and I think eventually we resolve to the upside.
That being said, the other potential move, instead of compressing into a symmetrical triangle, could be to test the 28,500 level for support. Either way, I think this is a buy on the dip market.
Dow Jones 30 Technical Analysis
In the Dow Jones 30 CFD markets, we’ve seen traders try to push toward 53,000, but they gave up. Again, the market forming a bit of a shooting star suggests that perhaps there is some exhaustion coming into the market, but I think a lot of this has to do with reversing the flow of the Thursday trade. Again, most traders don’t want to hold through the weekend. The 52,000 level underneath should be supportive, and I think ultimately that is exactly what will happen. If we get anywhere near there, there will be enough buyers jumping into the market to take advantage of cheap contracts.
Monday of course is a long way away, and the Friday session of course is going to be mainly dominated by position squaring, and of course we could get a significant amount of news as well over the weekend, so a little dangerous to hold. What we’ve seen makes sense.
S&P 500 Technical Analysis
NASDAQ 100 Price Forecast
Every new NASDAQ 100 analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all NASDAQ 100 forecastsThe S&P 500 is looking at the top of the triangle, showing signs of exhaustion, though, as the 7500 level seems to be a bit of a magnet, if you will, for price. I do think eventually we will go to the upside, perhaps breaking above 7550. Once we do, I suspect the buyers will push towards the upside, and we will not only reach the recent highs but break above them. If we pull back, I’ll just be looking somewhere near the 50-day EMA to find value.
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