Dow Jones 30 and NASDAQ 100 show strength during the week

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Updated: Apr 14, 2018, 05:20 UTC

The US stock markets rallied during the week, reaching towards the highs of the previous week. However, it looks as if we still have a lot of volatility in this market, but we most certainly have an uptrend that is still intact.

Dow Jones 30

The Dow Jones 30 tried to rally during the week, and a sign of strength yet again. However, there is a significant amount of resistance at the top of the range during the week, and if we can break above there, I think the market will then go looking towards the 25,000 handle. 24,500 is resistance in the short term, but I think the longer-term continues to look to be very bullish. If we can break above the 25,000 level, we will then go to the 26,000-level next. It’s not until we break down below the 23,000 level that I would be concerned with the overall uptrend.

NASDAQ 100

The NASDAQ 100 rally during the week, reaching towards the 6700 level. We did pull back though, and I think we will continue to see a lot of choppiness in the meantime. I like the uptrend line underneath offering longer-term support, and therefore if we can stay above that I don’t think there is an opportunity to short this market anytime soon. If we did breakdown below the uptrend line, then I would be concerned. However, I think that the overall attitude of this market remained somewhat bullion, so I anticipate that we will go higher. The 6200-level underneath will be support, and if that market level gets broken, then I think we could unwind rather drastically. However, even though it’s been very volatile lately, the uptrend is still the main force in this market.

Dow Jones 30 and NASDAQ Index Video 16.04.18

About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.