Nasdaq 100 Technical Analysis
The Nasdaq 100 is looking like we are perhaps going to continue to find more of a buy on the dip mentality. We did get the FOMC press conference during the previous session, and it looks like American traders at least enjoyed whatever it was Jerome Powell said. I watched it and I do not know much was said, but at this point, it looks like the Europeans, maybe the Asians, are a little less impressed.
It does not really matter, though, because the bulk volume will come during the New York session, so overnight moves 99% of the time mean nothing. In this environment, you can see that we are on the precipice of trying to break out and make fresh new highs, and I do think that is what happens next. I like this dip. I like the fact that we have seen traders get aggressive and start buying. It looks like we are holding up pretty nicely.
Dow Jones 30 Technical Analysis
The Dow Jones 30 is kind of just sitting there. Not a huge surprise, I suppose, when you think about it. This is an index that is going to be very sensitive to what is going to geopolitically. These are all multinationals; there is nothing smaller to buffer it.
As a result, we find ourselves just hanging around 49,000. Eventually, we get to the 50,000 level, I believe, but that may take some time. I think short-term pullbacks offer buying opportunities, but this one might be a little slower than some of the others.
S&P 500 Technical Analysis
The S&P 500 peaked above the 7,000 level for a minute, only to turn around and fall. But we have seen buyers come back in. This is a replay of the previous session. I do think that we will finally take care of the 7,000 level over the next couple of days, barring a headline or some kind of weird jolt across the newswires, which, let’s be honest, is a very real possibility.
Right now, this is a market that is looking to go much higher. The stock market is at an all-time high in the United States, as we hear stories about how nobody is buying US assets. Kind of a weird dichotomy. This is a perfect example of trade what you see, not what you hear.
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