Dow Jones 30
The Dow Jones 30 rallied rather significantly during the trading session on Monday, as we continue to see stock markets rally every time we go to the major uptrend line. The US dollar has been very strong, but while that initially has caused a bit of bearish pressure in this market, I think that ultimately that the US dollar should continue to strengthen, but I think that this is less about fear and more about the US outperforming Europe and the UK. Because of this, I think that corporate profits will continue to drive this market higher given enough time. I have no interest in shorting unless we can break down below the massive uptrend line underneath.
NASDAQ 100
The NASDAQ 100 broke higher during the trading session on Monday, pulled back a little bit, but now it looks like we are ready to go higher. I think that the breaking above the 6840 level would be a very bullish sign, and I think that the market would look at that as a breakout and an attempt to go to the 7000 level. I believe that the 6700-level underneath is going to offer support, just as the major uptrend line underneath the 6500 level has as well. I look at this market is one that is very technically strong, after the recent bounce. I believe we are trying to form a major base.