Dow Jones and NASDAQ 100 traders look likely to find value underneath

Dow Jones

Dow Jones rallied during the day on Thursday but gave back quite a bit of the gains. By doing so, it looks likely that we will continue to see traders get involved at lower levels, somewhere near the 23,800 level. I think that any type of bounce in that area should be an opportunity to go higher and pick up value along the way. If we break down below there, the 23,500 level will probably be targeted next. The alternate scenario would be breaking above the 24,300 level, giving us an opportunity to go long at that point, perhaps reaching towards the 24,400 level, and then the 25,000 level.

NASDAQ 100

The NASDAQ 100 initially rallied on Thursday but give back most of the gains, as it looks like we are trying to form a bit of a base. However, the one thing that I’m concerned about is that the weekly candle is a bit of a shooting star. If we break down to a fresh, new low, that could be a very ugly sign and we could break down significantly. However, I think that the 6500 level should offer a bit of support, so any type of bounce in that general vicinity could be an opportunity to pick up a bit of value and perhaps try to make a run towards the 6700 level. I think that the overall attitude of the market will be highly influenced by talks of trade wars, or better yet – no talking at all.

Dow Jones 30 and NASDAQ Index Video 02.04.18