US Indices: Geopolitical Shockwaves Trigger Pre-Market Dive
US Indices: Geopolitical Shockwaves Trigger Pre-Market Dive.
The Nasdaq 100 has fallen a bit during the early part of the trading session here on Wednesday as the United States has hit Iran again with military attacks. That has started to slow down, though, at least as far as the downward momentum is concerned. So it'll be interesting to see how this plays out. I do believe that ultimately market participants will look through this, and they'll start to think about the longer-term attitude that we have here.
With that being the case, I am looking for some type of bounce. We'll have to see what happens right at the open. I think that probably is a little ugly. But I'm paying particular attention to the 28,500 level. If we can hold as support, there's a real shot at a continuation of the consolidation that we have been in.
The Dow Jones 30 has also been hit pretty hard early during the trading session, but quite frankly, I think you've got a scenario where it is probably only a matter of time before we try again to get to the 53,000 level. If we were to break down below 52,000, that would obviously be ugly, but at that point in time, I would just be a little bit patient, wait for a bounce so I can trade on the right-hand side of the V and take advantage of a continuation of the uptrend.
The S&P 500 continues to be very noisy, as well as we reacted to the military attack, but we've already seen it recover about half of the losses, and I think that's a good sign as to what happens in New York. We'll have to wait and see. It doesn't look like the market is going to escalate this downward pressure. I think sooner or later, during the session, we start to show signs of continuing the overall upward push.
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