NASDAQ 100 Technical Analysis
The NASDAQ 100 looks as if it is going to break out to the upside during the trading session here on Friday. As we are making a fresh new high, the NASDAQ 100 has been very strong over the last several months, just moving right along at a 45-degree angle and showing signs of life all the way. Short-term pullbacks should continue to be buying opportunities in the NASDAQ 100, as it looks like we are now finally leaving the 25,000 level. I have no interest in shorting, and if we do fall from here, I’m looking at that as an opportunity.
Dow Jones 30 Technical Analysis
The Dow Jones 30 looks as if it is trying to rally a bit in the early markets as well, perhaps opening up the possibility of a move to the 47,000 level. Anything above there, I think, just opens up the floodgates and we start to see this as a new leg higher. With that, I’m definitely bullish above there, but short-term pullbacks, I think, could allow us to buy contracts on the cheap. The Dow Jones 30 isn’t quite as bullish as the NASDAQ 100, but it’s pretty close.
S&P 500 Technical Analysis
Here in the S&P 500, you can see that we are in fact challenging the move to the 6,800 level. If we can break above the 6,800 level, then I think that opens up the floodgates. Whether or not we can do it in the next day or two remains to be seen, but it certainly looks like we’re going to try. We are in the midst of breaking above that wipeout candlestick from a couple of Fridays ago, which is obviously very bullish. If we break down from here, short-term pullbacks offer plenty of buying opportunities with an uptrend line and the 50-day EMA.
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