US stock markets recover nicely during the week

Dow Jones 30

The Dow Jones 30 fell during the week, reaching down towards a major uptrend line. By finding support at the centerline and turning around to form a hammer just as we did during the previous week, I suspect that the market is trying to build up enough momentum to continue going higher. If we can clear the 25,000 level, the market should continue to go towards the highs again. There is a lot of noise between here and 25,000 so I think it’s going to take a certain amount of momentum to finally get above there. If we break down below the uptrend line, the market will go to at least the 23,000 level before finding support from what I can see.

NASDAQ 100

The NASDAQ 100 fell during the week initially as well but found enough support just above the 6500 level to turn around and form a bullish candle. The previous week was a hammer, and it looks as if we are trying to break out currently. I think ultimately the market should then go to the 7000 level, perhaps even 7200 beyond that. The uptrend line just below continues to support this market, and the NASDAQ 100 of course move in concert with the S&P 500 and the Dow Jones 30, so pay attention to those markets as well as they can be leading or lagging indicators, depending on who is the leader at the moment. Although I am bullish of the NASDAQ 100, I suspect that the NASDAQ will probably lag some of the other indices.

Dow Jones 30 and NASDAQ Index Video 07.05.18