Dow Jones 30 Technical Analysis
The Dow Jones 30 has bounced from a trend line during the early hours on Friday, and that of course is a good sign. So, with that being said, I think we will continue the overall uptrend, but I do recognize that there might be some noise here and there, with the market using this as a bit of a support region. With this, I do recognize that the markets will, of course, continue to be very noisy, but grinding to the upside overall.
S&P 500 Technical Analysis
The S&P 500 finds itself slightly positive in the early hours of Friday as well, as it looks like we’re probably going sideways here also. Keep in mind that the S&P 500 and the NASDAQ 100 are essentially the same thing, as all of the biggest weighted stocks in both of these indices are the same names essentially.
So, it’s not a huge surprise to see that the S&P 500 is moving right along in the same general attitude. 6800 just above should offer resistance and if we can clear that, then I think you’ve got a real shot at the S&P 500 taking off eventually towards the 7000 level. Pullbacks at this point still have plenty of support, especially near the 6600 level, where you would start running into the previous uptrend line and the 50-day EMA.
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