NASDAQ Dow Jones SP 500 – US Indices Continue to Look for Buyers on Dips

NASDAQ 100

The Nasdaq 100 initially pulled back just a bit in pre-market trading, but it is starting to show signs of rallying again. At this point, the 50-day EMA, of course, is an indicator that people are paying attention to, and it sits just above the high of the Friday candlestick. The 19,130 level is an area that I think a lot of people will be watching, as it has been important a couple of times in the past. That could be your floor in the market, and in fact, even acted as one on Friday. So, I think we have more of a buy on the dip type of mentality here than anything else.

Dow Jones 30

The Dow Jones 30 has initially fallen, but turned around to rally slightly again, as it looks like there definitely are people underneath here willing to pick the market up. Whether or not they can really start to push things to the upside remains to be seen, but volume got really big about 10 days ago as we started building this little bit of a basing pattern. So, I do think there’s interest down here. It’ll be interesting to see how that plays out, but I am more inclined to look at dips as potential buying opportunities as things stand at the moment. That being said, you have to keep in mind one tweet, or one statement could blow the whole thing up. The S &P 500 also looks as if it is trying to rally again after initially falling on Monday, but in a very tight and small range. So, I don’t read too much into it other than it’s not falling.

S&P 500

The S&P 500, of course, will follow the others overall. And it will, of course, be held hostage by the latest headline coming out of the White House or perhaps other places like Japan, because after all, the Japanese are starting to make significant headway into an agreement with the Americans, which would be a big deal. So, we’ll have to wait and see. But as things stand right now, it looks like the market is trying to become more buy on the dip here.