Dow Jones 30 and NASDAQ 100 falls during Tuesday session

Dow Jones 30

The Dow Jones 30 broke down significantly during the session on Tuesday, reaching towards the 23,800 level. I think that the uptrend line underneath, which is at roughly 23,600, should be an area that we need to hold. If we can stay above there, the market might be able to go higher, perhaps reaching towards the 24,400-level next, and then the 25,000 level after that. If we can stay above the uptrend line, I believe that the market does continue to go much higher and should eventually find the 25,000 level which is major in its importance from both a psychological and structural standpoint. If we break down, then I think the market goes to the 23,000-level next, possibly even lower than that.

NASDAQ 100

The NASDAQ 100 has gone sideways during the trading session on Tuesday, hovering just below the 6600 level. If we can break above the recent consolidation, the market will probably go to the 2600 level after that. If we were to break down below the 6550 level, the market could go down to the 6500 level, and perhaps even the uptrend line. The uptrend line being broken to the downside would be a very negative sign, and I think that could have this market unwinding down to the 6200 level. Although things look very choppy and negative overall, I think it’s only a matter of time before value hunters come back into the market.

Dow Jones 30 and NASDAQ Index Video 02.05.18