NASDAQ 100 Technical Analysis
The Nasdaq 100 has rallied a bit after the jobs number in the United States came out at just 22,000 instead of 75,000 jobs added for the previous month. This is classic bad news is good news behavior coming out of Wall Street because they’re looking for cheap money to come down the road. The Federal Reserve is almost certainly going to cut in about 10 days. But really, the question is, will they be in a rate cutting cycle? The more numbers come out like this, the more likely that’s true, and Wall Street celebrates. Short term pullbacks are possible, but I think at least in the short term, we will probably find buyers.
Dow Jones 30 Technical Analysis
The Dow Jones 30 initially fell during the trading session but is now trying to rally and break out. Again, it’s the same situation where bad news is good news, Wall Street celebrates a poor economy, with 45,000 underneath being a major floor. As long as we can stay above that level, I think that the Dow Jones 30 still has a very real shot at going to 46,000, possibly even much higher than that.