NASDAQ 100 Technical Analysis
The Nasdaq 100 is pretty quiet in pre-market trading on Tuesday as we’re just hanging around all-time highs. We are slightly negative, but when I say it slightly, I mean just that, barely negative. All things being equal, I think a short-term pullbacks could end up being the order of the day for the NASDAQ 100, but I wouldn’t read much into it. I don’t think anything’s changing here. This is a market that’s been bullish for quite some time. And now that it closed above the 25,000 level again, it might attract a little bit more confidence in the upside. Either way, even if we pull back, I’m looking to buy the dip.
Dow Jones 30 Technical Analysis
The Dow Jones 30 is again just a few basis points negative in pre-market trading, basically just hanging out at the all-time highs. This tells me that the market is more likely than not to continue to be bullish, and I do think you have a situation where traders will offer short-term pullbacks in order to start buying as their plan, with the 50-day EMA underneath near the 45,750 level offering a short-term floor. Either way, this is the same situation. I just don’t have any interest in shorting this market. I do think that when it falls, it is more likely than not to offer buying opportunities.