US stock markets very noisy due to fears coming out of Italy

Dow Jones 30

The Dow Jones 30 has broken down a bit during the trading session on Tuesday, reaching down towards the 24,500 level in breaking below there. I think that we will eventually find value hunters, but right now it’s probably best to sit on the sidelines and wait for either a bit of stability, or a turnaround and a break above the 24,600 level to go higher. The uptrend line underneath continues to define this market as being bullish, and therefore I think that it’s only a matter of time before we go much higher.

NASDAQ 100

The NASDAQ 100 has bounced a bit after initially falling during the day, showing the 6900 level as being supportive. I think the 7000 level above is massive resistance, but I do expect this market to eventually break above there in continue to go much higher. If we can clear the 7000 handle, then the market is free to go much higher. Otherwise, if we break down below the 6900 level, we will probably need to “reset” in order to find and of value and stability to go long. I think that the situation in Italy will throw money towards the United States more than anything else, so given enough time I think that value hunters come in and pick this market.

Dow Jones 30 and NASDAQ Index Video 30.05.18