Dow Jones 30 and NASDAQ 100 traders rally significantly after initial selloff on Wednesday

Dow Jones 30

The Dow Jones 30 fell initially during the trading session on Wednesday, reaching down to the 23,400 level again. However, we bounce nicely from there, so it looks likely that we will continue to see a bit of a churn in this market, especially considering that the jobs number comes out tomorrow, so I believe that a lot of the risk appetite will be put on hold. The market breaking out above the 24,200 level would send this market towards the 2500 level. Ultimately, the market should continue to be noisy, but I think that the next couple of days could be crucial. I still think that this is about the trade wars and LIBOR rates blowing out. Pay attention to the headlines coming out for both of those situations, as they will have an influence.

NASDAQ 100

The NASDAQ 100 also fell initially during the day but just as the Dow Jones 30 did, we found plenty of support at the 6300 level, and I think that given enough time we will go looking towards the 6600 level, which being broken to the upside should send this market towards the 6700 level, and then eventually the 6900 level. I believe that this market is trying to find its footing, but a breakdown below the 6300 could send this market down to the 6000 level, which of course is a large, round, psychologically significant figure. I believe the between now and the jobs number though, it will probably be quite choppy and sideways overall but the fact that we bounced back so hard does suggest that there are buyers waiting to get involved.

Dow Jones 30 and NASDAQ Index Video 05.04.18