US stock markets pulled back slightly during the week

Dow Jones 30

The Dow Jones 30 initially trying to rally during the week, reaching towards the 25,000 level above which is an area that of course obviously will form a bit of psychological resistance. We have turned around of form a bit of a shooting star, but we have a massive hammer from a couple of weeks ago, and of course the uptrend line. The uptrend line should keep the market intact, but if we were to break down below it, then we unwind to the 23,000 level and beyond. Otherwise, if we turn around and break above the top of the shooting star for the week, extensively the 25,000 handle, then the Dow Jones 30 is free to go towards the 26,000 level.

NASDAQ 100

The NASDAQ 100 has try to rally during the week, but found the 7000 level to be resistance, pulling back a bit from there. The 7000 level has caused a lot of resistance in the past, and we of course formed a shooting star in the middle of this overall consolidate of area. The 6500-level underneath offers a ton of support, so I don’t have any interest in shorting this market until we break down below there, something that I’m not quite ready to concede. I think that short-term pullbacks should offer buying opportunities, just as a break above the 7000 level should send this market to the upside going forward as well.

Dow Jones 30 and NASDAQ Index Video 21.05.18

This article was originally posted on FX Empire

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