NASDAQ 100 Technical Analysis
The Nasdaq 100 has initially pulled back significantly during the trading session on Wednesday as we continue to see a lot of hesitation in this area. That being said, I think that NASDAQ will continue to see a lot of buyers going forward and we in fact are already starting to see it as we get closer to New York trading. I think we are working off some of the excess froth and it’s actually pretty impressive over the last couple of days that we have seen this price action that we simply cannot drop significantly. So, with that being the case, I look at this through the prism of a market that is just trying to find a reason to go higher and is also trying to work off this massive inflow.
Dow Jones 30 Technical Analysis
The Dow Jones 30 is a little weaker than some of the others, but really at this point, I think the 42,000 level is an area that you need to pay close attention to and will continue to be important in both directions. Ultimately, if we can bounce from the 42,000 level, then it opens up the possibility of a move to the 42,850 level, followed by 43,500. If we break down below 42,000, then we may want to reset a bit, wait for signs of a bounce and get on the right side of the V pattern that will almost certainly form.
