US stock markets show strength on Friday

Dow Jones 30

The Dow Jones 30 broke higher at the announcement on Friday, breaking above the 24,250 level, before running into a little bit of trouble. However, the bullish move of the day cannot be overlooked, and it’s likely that we will find buyers on pullbacks. The uptrend line has been respected as support, so I think we should turn around and continue to go higher over the longer term. I like buying dips and believe that we are going to work our way back to the 25,000 region.

NASDAQ 100

The NASDAQ 100 also broke to the upside, clearing the 6750 level, a resistance barrier that has been intact for several weeks. I think if we can break above the 6800 level, then we are free to go looking towards the 7000 level above. Ultimately, that is what I think happens, but we may need to pull back a couple of times to build the necessary momentum to break through all of the resistance as we have had an extended move in a relatively short amount of time. The 6500-level underneath continues to be massive support, as it is not only supported by the large, round, psychological nature of the number, but it is also supported by the uptrend line just below. I like buying dips, and I think that we continue to see the NASDAQ 100 go higher, right along with the other US indices.

Dow Jones 30 and NASDAQ Index Video 07.05.18