What You Need To Know To Start Your Trading Week
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If the past week or so has scared you into thinking the rally might be over, you’re not alone. This past week has given us more reasons to be bearish in the short term rather than bullish. However, despite all the weakness, we believe as long as the major indexes can hold their support levels here, we are merely experiencing a pullback before going higher once more.
For the Nasdaq, this support comes at the previous breakout point of 15275, hold that and the market should be looking for higher prices once again. Remember, the trend is our friend and while it is ok to sit on the sidelines waiting for the trend to pick back up again, it’s rarely a good idea to decide to step in front of the trend and try to fight it.
The trend is still upward, even with the weakness of the past week or so. Looking at the Dow, there is another strong level of support you’d want to keep your eyes on. Here, it would be around that 34500 level, which acted as a pretty large level of resistance a while back before breakout through this level. If these two levels hold on these major indexes, we firmly believe we will see higher prices.
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