Nasdaq 100, Dow Jones 30 and S&P 500 Forecasts – Buyers Defend 50-Day EMA Support

The S&P 500 pierced the bottom of the ascending triangle that we had been working on during the Thursday session. So far on Friday, it’s been very quiet as we hang around the 50-day EMA. Typically speaking, these indices all move in the same general direction, so while the S&P 500 might be a little bit of a laggard, positive sentiment in the other two indices could help drag this thing higher. As things stand right now, the triangle has been pierced. The question is: will it hold? We are right on the precipice of finding out.

If you’d like to know more about chart patterns and how to trade them, please visit our educational area.