US stock markets drift aimlessly on Monday

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Updated: Apr 24, 2018, 07:42 UTC

The US stock markets drifted rather aimlessly during the trading session on Monday, as traders came back from the weekend. The market continues to be very bullish longer term, but the last couple of weeks have been very difficult. Interest rates are climbing in the bond market, and that of course influences stock markets in America. Currently, it seems as if the market is ignoring that.

Dow Jones 30

The Dow Jones 30 has gone back and forth during the trading session on Monday, hovering above the 24,350 level. I think that the market has plenty of support down to at least the 24,000 level though, so I look at pullbacks as buying opportunities. We have rolled over a little bit, but in the longer perspective we have no major concerns from a technical standpoint. Yes, it has been very volatile but at the end of the day the remarkable part of the chart is the fact that it had not been volatile. A little normal back and forth trading helps. I think we are currently trying to build a bit of a base, so be patient.

NASDAQ 100

The NASDAQ 100 went back and forth during the session as well, finding resistance at the 6700 level. The 6700 level has been both resistance and support in the past, and I think that the market should continue to go higher. Ultimately, I think that if we can break above the 6700 level, the market should then go towards the 6800 level above. I think that the NASDAQ 100 will be especially sensitive to headlines coming from either the Chinese are the Americans, as it is likely that the fears of a trade war would find the tech stocks as essentially “Ground Zero” for the reaction.

Dow Jones 30 and NASDAQ Index Video 24.04.18

About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.