US stock markets grind sideways on Tuesday

Dow Jones 30

The Dow Jones 30 has gone sideways during the beginning of Tuesday, but I think that we are starting to see markets waiting to react to Donald Trump and his decision with the Iranian nuclear deal. In the end though, I don’t think that matters, least not from the long-term perspective. The uptrend line underneath continues to hold this market afloat, just as the 24,000 level will. If we can break above 24,500, I feel that this market is ready to go higher, and if you squint real hard, you can see that there was an uptrend line that we have broken above in the last couple of sessions, albeit a minor one. I believe that buyers are looking to take advantage of dips.

NASDAQ 100

The NASDAQ 100 has continued to go sideways as well during the day, but I think that the 6700-level underneath is massive support, and I believe that the previous resistance should now offer plenty of support. I think that we will eventually try to break towards the 7000 handle, but it’s going to take some time to get there. The uptrend line underneath still continues to support this market and I believe that the 6500-level underneath should be massive support. I like the idea of picking up these dips, because they offer value in a market that has been beaten down rather significantly.

Dow Jones 30 and NASDAQ Index Video 09.05.18