Yahoo Finance Dow Jones 30 and NASDAQ 100 Price Forecast February 22, 2018, Technical Analysis
Dow Jones 30
Initially during the day on Wednesday, the buyers came out for the Dow Jones 30, but as you can see the market fell apart during the trading session after the FOMC meeting minutes, as 10-year yields climb to 2.95% and the US dollar strengthened. Ultimately, this was more of a “risk off” move, but I think that after the initial shock, the buyers could come back. Wait for stability to start buying again. Ultimately, I think that the market will continue to see a lot of volatility and choppiness.
NASDAQ 100
The NASDAQ 100 also tried to rally during the trading session but found quite a bit of bearish pressure later in the day. The market looks likely to hold the 6700 level for support, and if we can continue to see buyers in that area, then I think the market continues to go higher. A breakdown below the 6700 level should send this market looking for the 6600 level, and then my “floor” in the uptrend, the 6500 level. If we were to break down below that level, I would become concerned about the NASDAQ 100. Ultimately, I think this will probably end up being a buying opportunity but by all means you should be patient as these moves can get rather nasty in a short amount of time. I would not step in and “catch this falling knife.” Longer-term, I think the stock market still has legs, and although we have wiped out quite a bit of momentum, as a record this we are still less than 1% down for the day.
Dow Jones 30 and NASDAQ Index Video 22.02.18
This article was originally posted on FX Empire
