NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Rebound After NFP

Short-term pullbacks offer buying opportunities, and the 50-day EMA at the 25,267 level could be a short-term floor. To the upside, there’s a barrier at 26,000. If we can finally get above there, then perhaps we can go higher, but right now I think this just remains choppy and more buy on the dip than anything else.

Dow Jones 30 Technical Analysis

The Dow Jones 30 has been pretty back and forth in the early hours here on Friday as well. Ultimately, I think you have a situation where it’s probably going to consolidate a bit before trying to rally. I do think we get to the 50,000 level given enough time, and volume is starting to pick up as you would expect this week.

That’s a good sign. Ultimately, I’m looking for short-term pullbacks as buying opportunities all the way down to the 48,000 level, which I think is your floor at the moment.

S&P 500 Technical Analysis

The S&P 500 has been choppy as well, but it still looks like a market that wants to go higher, and therefore, I think it probably does. I would look for a move to the 7,000 level as being very possible.

Initially, during the day, we have consolidated quite a bit. This isn’t that rare for a Non-Farm Payroll day; normally, it’s more noise than anything else. There’s nothing on this chart that tells me the trend is going to change, or you should be worried, so dips offer value that I plan on taking advantage of all the way down to the 6,800 level.

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