US stock markets flat during Friday trading
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Dow Jones 30
The Dow Jones 30 when sideways during the session on Friday, just as we did on Thursday. I think we are trying to build up enough momentum to break above the 25,000 handle, and I think that if we can get above there, the market should continue to go much higher. However, pullbacks could happen, and I think that there is a significant amount of support at the uptrend line underneath. I like the idea of picking up dips as value, as the US stock market has proven itself to be very resilient as of late.
NASDAQ 100
The NASDAQ 100 fell a bit during the day, losing about 0.3% during trading as profit-taking came out ahead of the weekend, as people concern themselves with potential trade conflicts, and of course the strengthening US dollar. The 7000 level above has been significant resistance, so I think if we can break above there the market should continue to go much higher. If we break down below the 6840 handle, I think we will go to the 6760-level looking for support. I also recognize that there is a lot of support underneath, based not only on several round numbers, but also uptrend lines and previous structural support. I don’t have any interest in shorting this market, rather one we fall I start to look towards this market for value that I can take advantage of, putting money to work after I see signs of either a bounce, or at least stagnation.
Dow Jones 30 and NASDAQ Index Video 21.05.18
This article was originally posted on FX Empire