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Dow Jones 30 and NASDAQ 100 traders sell during Friday session

Christopher Lewis

Dow Jones 30

The Dow Jones 30 went sideways initially during the day on Friday, but then fell over as the Americans took over with the underlying index opening. The market should continue to be driven by geopolitical concerns, and of course higher interest rates could weigh upon stocks as well. I think there is a massive uptrend line underneath though, and that should continue to keep the market going higher. The 25,000 level above is massive resistance, but if we can break above there I think that the market is free to go much higher. A breakdown below the 23,500 level could send this market much lower, but right now it doesn’t look like there’s a serious threat of that, least not in the next few sessions.

NASDAQ 100

The NASDAQ 100 went sideways initially during the day, but then broke down through the 6700 level. The market has fallen to the 6666 level, as I record this video. The 6600-level followed by the 6500 level are both supportive. There is an uptrend line that is found at the 6400 level as well, so I think it’s only a matter of time before the buyers come back into this market to pick up a bit of value. The weekly candle is a shooting star, but I think this is more of the “pullback variety” than some type of meltdown. I think the uptrend line will need to hold to keep the longer-term trend to go higher, and at this point I think we are in fact going to drop a bit to find value.

Dow Jones 30 and NASDAQ Index Video 23.04.18

This article was originally posted on FX Empire

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