NASDAQ 100 Technical Analysis
The Nasdaq 100 initially did rally a bit during the early part of the Thursday pre-market session but then gave back some of the gains to show signs of hesitation. This is a market that I think, given enough time, will find buyers, and I am particularly interested in the 25,000 area. The 25,000 area is also backed up by the 50-day EMA, so I think that makes a nice hard floor for the Nasdaq 100, which has been in a strong uptrend anyway.
Dow Jones 30 Technical Analysis
The Dow Jones 30 is pulling back just a little bit during early Thursday trading but is obviously very bullish. We’ve had three very strong days in a row, and a little bit of a pullback would make a certain amount of sense, I think. That doesn’t mean that we’re going to see anything major. I think, quite frankly, this is a scenario where traders will be looking for value that they can take advantage of, perhaps sending this market towards the 49,000 level. The 50-day EMA is racing towards the 47,000 level, and anything below there opens up the possibility of a move down to the 46,000 level, although I think that’s less likely to be the case than a pullback and a bounce.