NASDAQ 100 Technical Analysis
The Nasdaq 100 has dropped a bit during the early part of the Friday session as we continue to see the same overall channel hold though. The 23,250 level, I believe, is a significant support level because we have a previous amount of action there in both support and resistance and we also have the uptrend line. The 50-day EMA is racing towards there as well and therefore I think you have a nice recipe for a potential support level. If we do rally from here, then I think we’re looking at trying to get to the 24,000 level.
Dow Jones 30 Technical Analysis
In the Dow Jones 30 we’ve seen a little bit of a pullback early on Friday, but really at this point in time, we’re just kind of chopping around bank and forth trying to figure out where to go next. I do believe that the 45,000 level is an area where we will see support based on previous resistance. Short-term pullbacks, I think, are very likely, but given enough time, I think we break above the 45,750 level and then go looking at 46,000, possibly even higher than that. We’ve been in an uptrend for quite some time. I don’t see that changing very quickly.