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NASDAQ 100 Technical Analysis
The NASDAQ 100 fell pretty significantly during the trading session in the pre-market trading on Monday. The 21,000 level is a significant amount of support, and I think it is not only a large round, psychologically significant figure, but an area that we will continue to pay attention to for multitudes of reasons. Not the least of which, of course, is the fact that it was major support just back at the end of last year. Even if we were to break down below the 21,000 level, the 20,000 level I think is a massive floor in this market, and it is worth noting that the 50 day EMA is starting to cross the 200 day EMA kicking off the so-called golden cross.
Dow Jones 30 Technical Analysis
The Dow Jones 30 is fairly neutral in early trading on Monday. And this does suggest that perhaps we are just going to kill a little bit of time in this area, as the Dow does tend to move a little bit more stable than some of the other indices. So, this is actually a good sign. The 42,000 level is more likely than not going to end up being support right along with the 200 day EMA, which sits just below there. If we can break above the 42,750 level, then we probably go looking at the 43,500 level.
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