Dow Jones 30 and NASDAQ 100 had a volatile week
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Dow Jones 30
The Dow Jones 30 had a volatile week, going back and forth, showing signs of life near the 23,500 area. It’s the bottom of the Bollinger Band indicator, so as we were to standard deviations away from the norm, traders came in and picked up the market. Ultimately, I believe that the buyers will come back into this market, but it looks as if we are currently trying to go back and forth between the 25,000 level on the top and the 23,000 level on the bottom. Ultimately, I think that the market should continue to go higher, reaching towards the 26,500 level. Keep in mind that the headlines coming out of the Chinese are Americans could move the market rather rapidly though.
NASDAQ 100
The NASDAQ 100 also had a volatile week, but as you can see we ended up forming a hammer. The hammer is a very bullish sign, just as the shooting star from the previous week was negative. I believe that the market will continue to go back and forth, at least in the short term as a conflicting shooting star the proceeds a hammer is typically signs that the market is conflicted. I think at this point it makes sense that we traded in a range, but once we can break above the 6800 level, I think that the market is free to go towards the 7000 level, perhaps 7200 after that. Alternately, if we were to break down below the 6200 level, the market would breakdown.
Dow Jones 30 and NASDAQ Index Video 09.04.18
This article was originally posted on FX Empire