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NASDAQ 100 Technical Analysis
The NASDAQ 100 initially rallied during the trading session on Tuesday, but it looks like the 50 day EMA is going to continue to be a bit of a barrier. If we can break above the 19,600 level, it opens up the possibility of a move to the 200 day EMA, which sits just below the 20,000 level. If we were to break above there, then I think the NASDAQ 100 will take off to the upside. On a breakdown below the 19,130 level, then I think the NASDAQ 100 looks for support underneath to have more of a buy on the dip scenario.
Dow Jones 30 Technical Analysis
In the Dow Jones 30, we have a slightly positive candlestick for the early hours on Tuesday as the 40,100 level continues to be interesting. But if we can rally from here, the next major target might be the 41,000 level. This is where the 50-day EMA currently resides. And at this point in time, I think you’ve got a situation where idf we can break above there, then it opens up the possibility of a move to the 200 day EMA. Short-term pullbacks will end up being supported closer to the 39,000 level on a pullback from what I can see.
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