NASDAQ, Dow Jones 30 and S&P 500 Forecast – US Indices Sluggish After NFP

NASDAQ 100 Technical Analysis

The Nasdaq 100 has really done very little after the jobs number came out in the United States a bit of a mixed bag, it was fewer jobs added, less unemployment, hourly earnings, average hourly earnings, that is, higher. So, I think the market’s going to have a pretty quick think about this.

Regardless, we are in a consolidation area and I think as things stand right now, you have to look at short-term pullbacks as potential buying opportunities, with the 21,000 level being a bit of a floor. If we can break above the 22,000 level, it opens up the next leg higher.

Dow Jones 30 Technical Analysis

Here in the Dow Jones 30, it looks like a market that is still going to struggle to break above the next crucial barrier, which I see as the psychologically important 45,000 level. Really, once we break above 45,100, then I think the market’s free to go much higher. I think in the short term, though, it still remains pretty much a buy on the dips type of scenario as we are most certainly in an uptrend, but we are still looking for the next catalyst.

S&P 500 Technical Analysis

The S&P 500 is slightly positive in the early hours, but ultimately it, much like the Dow Jones 30, is facing the all-time highs just above and the pressure might be just a little too much for the market to overcome. Furthermore, keep in mind that with a Donald Trump presidency, who knows what will happen over the weekend.

So that might come into play as well, at least for a while, until things slow down. With this being said, the Federal Reserve is expected to stay on pause possibly for the entirety of the year. We’ll just have to wait and see. And that, of course, has Wall Street scratching their heads.

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