Dow Jones 30
The Dow Jones 30 went sideways with a slightly positive attitude. I think that the market will eventually go looking towards the 24,500 level above, and while it may take some time, eventually we should get there. I think the 24,000-level underneath is essentially the “floor” in the market, so therefore retains a bit of a “buy on the dips” type of attitude. I think that the market should continue to volatile, but in general this is a market that has been bullish for some time, and I don’t see that changing. This market will be noisy, but positive.
Dow Jones 30 and NASDAQ Index Video 12.12.17
NASDAQ 100
The NASDAQ 100 initially went sideways during the trading session on Monday, but then reached towards the 6400 level. That’s an area that should be resistance, as it is a large, round, psychologically significant number and it is of course an area that has been supportive in the past. If we can break above the 6420 level, then I think we are free to go towards the 6500 level as it is a magnet for price based upon the large round number aspect. I think that the markets continue to be a “buy on the dip” situation, with perhaps the NASDAQ 100 trying to play catch-up to the rest of the US indices as it has been a bit of a laggard. I anticipate that we should get a pullback from 6400, but it should attract more buying pressure given enough time.
This article was originally posted on FX Empire