Dow Jones 30 and NASDAQ 100 have tough day on Friday

Dow Jones 30

The Dow Jones 30 pulled back significantly on Friday, with the initial move towards the 24,600 level being sent back down to the 24,250 level. The market has plenty of support underneath though, so I feel it’s only a matter of time before the buyers return and try to lift this market. Keeping this in mind, I’m a buyer of bounces or short-term rallies that we can take advantage of. I believe that the market will eventually find reason enough to reach towards the 25,000 level, which is my target over the next couple of weeks. When you zoom out, you can see that we have been forming some type of messy bottoming pattern.

NASDAQ 100

The NASDAQ 100 has pulled back on Friday as well, as the 6700 level has been difficult. The market looks likely to find support below at the 6500 level though, so I think it’s only a matter of time before the buyers return. If we can break above the 6700 level, the market should then go to the 6800 level 6900 level, and then eventually 7000. You can see that there is an uptrend line underneath, and I think that longer-term the uptrend line will continue to keep buyers in the game. If we can stay out of some type of military action or trade war, then I think the stock markets in general will continue to be bullish, but obviously the volatility has increased lately, which may be the way most of this year could be.

Dow Jones 30 and NASDAQ Index Video 16.04.18