US stock markets take a breather on Tuesday

Dow Jones 30

The Dow Jones 30 initially trying to rally during the day on Tuesday but then broke below the 25,000 handle again. This is an area that should cause a lot of noise based upon the fact that it is such a big figure number, so it’s not a surprise that we have gone back and forth. I think that given enough time, we will find buyers to take out this level and go much higher, but obviously a level like the 25,000 level is going to attract a lot of attention. I don’t look at this stagnation as anything more than that, simply the market trying to convince itself that it can continue to go higher.

NASDAQ 100

The NASDAQ 100, while not at the all-time highs that the Dow Jones 30 is, is hovering around and important level in the form of 6900. That’s an area that has been a fulcrum for price as of late, and it looks like it may continue to be so. I recognize that the 7000 level above had been massively resistive shortly before that, so it makes sense that we will grind towards that level. If we can finally break above the 7000 handle, then the uptrend will continue. I think at this point, it’s probably easier to buy short-term pullbacks on dips, as there should be plenty of support near the 6850 level. Ultimately, I expect both of these indices to go higher.

Dow Jones 30 and NASDAQ Index Video 23.05.18