Dow Jones 30
The Dow Jones 30 has gone sideways overall during the trading session on Wednesday, but then rallied significantly to show signs of life. The 24,600 level has offered support, and now has offered a lot of buying pressure. I think that the market will eventually go looking towards the 25,000 handle, which is obvious psychological resistance. I think that the market will eventually break above there, but right now it’s clearly an area where it’s been difficult to break out from. Once we do, it becomes more of a “buy-and-hold” situation. With the recent pullback, I think that there are a lot of value hunters getting involved.
The NASDAQ 100 has broken above the vital 6900 level, as it is rallying right along with the other US indices. By breaking above the 6900 level, it looks as if we are ready to go higher, and I think that a short-term pullback to that area could offer a nice buying opportunity, assuming we even get it. I believe that we will eventually go to the $7000 level, which is the most recent high. If we can break above there, then it becomes a “buy-and-hold” type of market as well. I think that selling is all but impossible right now, as we continue to grind to the upside and drive towards the highs. I think that the 6800 level offers the short term “floor” in this market. Expect volatility, but I would also expect positivity.
Dow Jones 30 and NASDAQ Index Video 17.05.18
This article was originally posted on FX Empire
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