Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,486.36
    +318.29 (+0.79%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,282.21
    +318.34 (+0.46%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,541.25
    +10.65 (+0.70%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

US stock market slightly positive in early trading on Thursday

The Dow Jones 30 and NASDAQ 100 both rallied a bit during early trading on Thursday but remained somewhat subdued as we are approaching major resistance barriers. With the choppiness that we have seen, it’s likely that we are trying to build up enough momentum to make a significant move.

Dow Jones 30

The Dow Jones 30 when sideways initially on Thursday, but early during the New York session we ended up rallying. The market looks likely to go looking towards the 25,000 handle above, which of course is a major psychologically significant number. If we can break above that level, then the market is free to go much higher, and I think we would go to the 25,250 level. Short-term pullbacks should be buying opportunities, and I think that the uptrend line underneath should continue to keep this market afloat. I believe that the 24,500 level is also support, and therefore I look at dips as value.

NASDAQ 100

The NASDAQ 100 initially drifted a little bit lower on Thursday, but we found enough support at the 6900 level during the US session to show signs of life again. I think that the market will continue to go towards the 7000 handle, which has been major resistance. I think that if we can break above the 7000 handle, then I think the market could continue to go much higher. I believe that we are about to see the US stock markets go higher, and perhaps rapidly if we get some type of catalyst. In the meantime, I believe that the 6900 level is support, but I also see the 6800 level is even more support. I believe that value hunters will continue to jump into this market on short-term dips, and more of a “buy-and-hold” situation will present itself above 7000.

Dow Jones 30 and NASDAQ Index Video 18.05.18

This article was originally posted on FX Empire

More From FXEMPIRE: