US stock indices look to bounce on Thursday

Dow Jones 30

The Dow Jones 30 went sideways during the session on Wednesday, and on Thursday we started out the same way. However, I think that the market is likely to rally a bit, especially the farther away we get from statements about a potential trade war. I think that as the markets calmed down, it will build up more of what is needed: confidence. A break above the 24,100 level should send the Dow Jones looking towards the 24,400 level, and beyond after that. I recognize that the 25,000 level will probably be somewhat difficult to break through, but eventually we should as it has been sliced through before.

NASDAQ 100

The NASDAQ 100 has been noisy during trading on Thursday, as we pulled back initially, but as the Americans have stepped on board, they have started to push this index higher. If we can get above the 6550 handle, that opens the door to the 6700 level and beyond. A lot of what we are seeing is the market trying to regain some confidence after horrific losses. Typically, you need a couple of days of quiet trading after massive selloffs for people to get involved and put serious money to work. That’s exactly what’s going on now, and I think that we are in the beginning of seeing this market turned its momentum to the upside. However, if we were to break down below the 6400 level will most certainly will go to 6300 and perhaps try to reset there.

Dow Jones 30 and NASDAQ Index Video 30.03.18