NASDAQ 100, Dow Jones 30 and S&P 500 Forecast – The US Indices Continue to See Buyers Underneath

NASDAQ 100 Technical Analysis

The NASDAQ 100 has shown itself to be bullish during the trading session on Friday as we have tested the 50 day EMA and then of course got the numbers out of the Bureau of Labor Statistics showing that the United States added just 12,000 jobs last month.

That being said, it is worth noting that these numbers were skewed by the hurricanes and that of course means that Wall Street, I believe, is just completely ignoring them. The next thing of course will be the presidential election and the Federal Reserve. So, we’ll be watching those, but right now it looks like the 50 day EMA is offering a bit of support.

Dow Jones 30 Technical Analysis

In the Dow Jones 30, we have exploded to the upside during the session on Friday. And now it looks like we are trying to claw back a lot of the losses for the week as we are well above the 42,000 level again. Just as in the S&P 500, we’ve seen the 50-day EMA offer support, and now I think we’re going to continue to see upward momentum given enough time. That being said, the election on Tuesday will probably cause quite a few nerves, so we’ll have to wait and see, but Wall Street has already pretty much priced in a Donald Trump victory.

S&P 500 Technical Analysis

The S&P 500 bounced a bit from the 50-day EMA during the trading session on Friday as well, and again, it looks like a market that’s trying to recover and ignore the jobs number. Quite frankly, it was almost immediate. So, this tells me the market was ready to go higher regardless. The 5,650 level is the floor in the market at the moment, just as the 5,900 level above is your ceiling. As we are basically in the middle of the two, it does make a certain amount of sense that we would see a lot of choppy behavior and sideways action.

With this, I think the S&P 500 is just simply trying to settle into a range while we sort out the election and the Federal Reserve in the next couple of weeks.

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