Dow Jones 30 and NASDAQ 100 both find support after falling this week

Dow Jones 30

The Dow Jones 30 continues to find support underneath as we initially fell but turned around of form a hammer. We are pressing against the 25,000 level above, which is a major resistance barrier. I think that the market will probably continue to find buyers based upon value, and of course the major uptrend that we have been in. I would point out that the previous week of course is a shooting star, so we can break above the top of that it’s a good sign. The uptrend line underneath continues offer plenty of support, so I don’t have any interest in shoting this market until we are well below there.

NASDAQ 100

The NASDAQ 100 also pulled back initially during the week, but unlike the Dow Jones 30, it has broken above major resistance. Now that we are well clear the 7000 handle, it’s likely that we will continue to go looking towards the 7200 level, and I think that short-term pullbacks will continue to offer buying opportunities. I don’t have any interest in shorting this market, as it is well supported underneath, especially near the 6900 level where the week had seen buyers come in. The overall attitude of the market continues to be very strong, and I don’t think that changes. If we can stay out of some type of geopolitical issue, I think the NASDAQ 100 continues to go much higher.

Dow Jones 30 and NASDAQ Index Video 04.06.18