NASDAQ 100 Technical Analysis
The Nasdaq 100 did try to rally a bit in the early hours here on Wednesday, but really, at this point in time, I think we’re just killing time above the 25,000 level in order to build up the necessary comfort and perhaps confidence to push this market higher. Short-term pullbacks, I think, end up being buying opportunities on dips as the uptrend line underneath should continue to offer a floor, especially with the 50-day EMA sitting right there. Given enough time, I think we will continue to go higher.
Dow Jones 30 Technical Analysis
The Dow Jones 30 is pretty quiet, and basically, the all-time highs are close to it as we are sitting just below the 47,000 level. This is a market again that I think you’re a buyer of dips, and you try to take advantage of cheap contracts as they occur. The 50-day EMA is all the way down at the 45,822 level and rising. So I think it would take quite a bit to really push this market down enough to start shorting. I do think that it is probably only a matter of time before this market takes off and goes to the upside.
S&P 500 Technical Analysis
Looking at the S&P 500, it’s more of the same. It’s a very quiet pre-market as we eyeball the 6,800 level. The 6,800 level, of course, is an area that if we break above it, then we could go looking at much higher levels. I think eventually that does happen. We are currently struggling with the very top of that wipeout candlestick from a couple of Fridays ago when Trump announced potential tariffs against China. So, I think there is a little bit of supply here that we have to get through. Short-term pullbacks are more likely than not to offer buying opportunities in a market that’s also backed up by the 50-day EMA and a massive trend line. I like buying dips as they occur.
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