NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – US Indices Choppy in Premarket

Dow Jones 30 Technical Analysis

The Dow Jones 30 initially dipped but then rallied again later in the session to show signs of life. The 200 day EMA of course is sitting just above and that of course will cause a certain amount of pressure. Above there we have the 42,000 level. Short-term pullbacks I think continue to be buying opportunities in this market, and I don’t really think that 42,000 is going to be that easy to get above. But if we do break above that level, that’s a huge win for the market.

S&P 500 Technical Analysis

The S&P 500 is back and forth as well, although generally upward looking. At this point in time, I think you have a situation where the S&P 500 is going to try to take out the high from the Thursday session. And if it can, it opens up the possibility of a move to the 5,800 level.

Short-term pullbacks should see plenty of support on the 200-day EMA, as well as the 5,600 level below, where the 50-day EMA currently resides. With this, the market looks very positive overall, but it also looks like we have entered an area that is going to cause major issues. So, I would expect a lot of choppiness.

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