Dow Jones 30 and NASDAQ 100 both relatively flat on Monday

Dow Jones 30

The Dow Jones 30 tried to rally during the session on Monday but gave back some of the gains as we continue to struggle with the 25,000 level above. That’s an area that is obviously psychologically important and has been structurally important in the past. I think that the market showing a nice uptrend line on the hourly chart also helps. I think that we will eventually find buyers and try to build up momentum. Ultimately, if we can clear the 25,000 handle, I suspect that we will make a quick move towards that 25,100 level after that. I have no interest in shortening, I think there are more than enough support levels underneath to keep this market afloat.

NASDAQ 100

The NASDAQ 100 has gone sideways initially on Monday, reaching towards the 7000 handle above. That’s an area that has been important in more than once, so it’s not a huge surprise that we may struggle to break above it. If we do clear the 7000 handle, I think we could go to the 7100-level next. The NASDAQ 100 seems to be very sensitive to these hundred-point incremental moves, and as we are in in uptrend you would anticipate that the next move is higher. I think the 6900-level underneath would be supportive, and I think that buyers will jump back into the market near that area. I have no interest in shorting here either.

Dow Jones 30 and NASDAQ Index Video 15.05.18