Dow Jones 30
The Dow Jones 30 broke out and above the 24,400 level during trading on Thursday, reaching towards the 24,600 level above. Beyond that, I think the market then could go to the 25,000 level after that. That’s a very large psychologically significant level, and a break above the top of that level should send this market much higher. Ultimately, if we failed there, then I think we could pull back towards the 24,400 level again. Keep in mind that the jobs number could move this market higher, especially if it shows signs of the US economy strengthening. If the US and the Chinese continue to calm things down, it would be a good sign for the Dow Jones 30 as well.
NASDAQ 100
The NASDAQ 100 went sideways during the trading session, gaining about 0.5% in the middle of the day. I think that the market is going to continue to struggle near the 6700 level above, which is an area of resistance. But I also see support just below. I think that a pullback should end up being a buying opportunity if the number coming out of the jobs situation is strong. I think the NASDAQ 100 will also strengthen based upon any type of calming of tensions between the US and China, as technology is a major part of what’s going on overall. Expect a lot of momentum to come into the market after 8:30 AM Eastern standard Time today.