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Dow Jones 30 and NASDAQ 100 Index Price Forecast October 17, 2017, Technical Analysis

Christopher Lewis
Updated

Dow Jones 30

The Dow Jones 30 rallied during the day on Monday initially, but then pulled back. However, we are trying to find a certain amount of support at the 22,900 level, and I think we are trying to reach towards the 23,000 level. The Dow Jones 30 has been very bullish over the longer term, and I think it is going to continue to be so in the future. Because of this, I am a buyer and not a seller. Given enough time, I suspect that the Dow Jones 30 will break out above the 23,000 level and go looking towards the 23,500 level after that. I have no interest in shorting this market, it is far too bullish to do so, and as a result, I think that the buyers will return looking for value every time we do drop.

Dow Jones 30 and NASDAQ Index Video 17.10.17

NASDAQ 100

The NASDAQ 100 rallied during the day on Monday, reaching towards the 6115 level, but then fell significantly. However, later in the day, we are starting to see buyers come back into the marketplace, just as Americans have been buying the dips once the Europeans leave for some time. I think that the 6050-level underneath is the floor, and now we could even see the 6100 level offer a bit of support. Longer-term, I believe that pulling back continues to be an opportunity to pick up value in technology, which of course has been doing very well. Ultimately, based on breaking above the ascending triangle that we recently had cleared, the move measured for a print of 6200. We are not there yet, and I still target that level longer term. Not only will we reach 6200 in my estimation, but we will go higher than that.

NASDAQ 100 daily chart, October 17, 2017
NASDAQ 100 daily chart, October 17, 2017

This article was originally posted on FX Empire

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