NASDAQ 100 Technical Analysis
The Nasdaq 100 looks like it is starting to rally slightly to the upside as the market is continuing to see a lot of upward momentum. All things being equal, this is a market that looks like it is going to try to get to the 25,000 level given enough time. Short term pullbacks open up the possibility of a drop towards the 24,000 level. But I think it’d be difficult to break down below there.
We have been on a channel for some time, and the Nasdaq 100 of course is celebrating the interest rate cuts from a couple of days ago. And at this point in time, it looks like people are just rushing into risk assets.
Dow Jones 30 Technical Analysis
The Dow Jones 30 is essentially going back and forth at the moment. And it looks like we’re trying to break out of what could have been a rising wedge. So, we’ll just have to wait and see if it does, in fact, get broken down below, but we do have a trend line that we can pay attention to. And at this point in time, the Dow Jones 30 is an index that looks rather positive. I think it’s probably only a matter of time before short term pullbacks get bought into.
S&P 500 Technical Analysis
The S&P 500 is fairly quiet in the early hours here on Friday as we continue to consolidate in this market as well. However, much like the NASDAQ 100, we’re in a channel that has been very bullish, and it’s difficult to imagine an area that I’m looking to short this market from, but I can see a couple places where I’d be a buyer on a dip.
The 6,500 level, of course, is an area that I think will continue to be important and continue to show a lot of market memory, assuming we even get down there. I suspect we probably go looking towards the 6,800 level before it’s all said and done as traders continue to celebrate interest rate cuts and of course, throw money at the US stock market.
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