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Christopher Lewis
Dow Jones 30 weekly chart, June 18, 2018
Dow Jones

Dow Jones 30

The Dow Jones 30 fell during the week, crashing back towards the 25,000 level, an area that of course will attract a lot of attention as there is a large, round, psychological importance to that figure. The market also looks as if it is ready to continue to find support at the uptrend line underneath though, and with the announcement of tariffs on Friday, I think that has exacerbated the move more than anything else, and I think that the buyers will come into look for value at lower levels, and unless of course the situation deteriorates between the United States and China. If that happens, we will most certainly test the uptrend line.

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NASDAQ 100

The NASDAQ 100 exploded to the upside during the week, making a fresh, new highs again. It looks like the market will continue to go higher, and I think that the $7000 level underneath will continue to be a bit of a “floor” in the extension of this move, and I also believe that it is only a matter of time before value hunters will come back in as the NASDAQ 100 has been such a consistent performer over the last several weeks. While the Dow Jones 30 has to worry about tariffs more than anything else, most of those tariffs levied upon the Chinese should benefit NASDAQ 100 companies, and I think that’s what we are seeing currently. At this point, I anticipate a move towards the 7500 level given enough time.

Dow Jones 30 and NASDAQ Index Video 18.06.18

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