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

Dow Jones 30 Technical Analysis

The NASDAQ 100, dropping the way it has, of course, has weighed upon the Dow Jones 30. You can see that the Dow Jones 30 is now sitting right around the 47,000 level, which is a large, round, psychologically significant barrier and an area where we had previously seen quite a bit of resistance. All things being equal, this is a market that I think is going to bounce eventually. As soon as we do bounce above the 47,000 level, I think it’s likely that we will go looking toward the 48,000 level.

S&P 500 Technical Analysis

The S&P 500 has drifted a little bit lower during the trading session on Friday as well, as it looks like we’ll go looking to the 50-day EMA and the uptrend line. I would anticipate that the 50-day EMA creates at least some type of reaction. Ultimately, this is a market that I think will eventually try to get back to the 6,800 level above. This pullback has been rather healthy, to be honest. It’s nothing that I’m overly concerned about, and I do think that at this point, you will have plenty of people willing to step in. That’s exactly what I expect to see, but I will let the market bounce a bit before trying to preempt some type of recovery.

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