Dow Jones 30 and NASDAQ 100 Price Forecast August 3, 2017, Technical Analysis
Dow Jones 30
The Dow Jones 30 went sideways during the day on Wednesday, as we continue to hover the market around the 22,000 level. Ultimately, I think that there is plenty of support just below though, so it’s likely that we will eventually rally. Given enough time, if we can break above the highs of the session on Wednesday, the market should continue to reach towards the 22,100 level. Ultimately, short-term pullbacks continue to offer plenty of buying opportunities. Ultimately, I believe that the longer-term uptrend should continue, as we have had a significant amount of bullish announcements coming out of earnings season. With this, I think that the Dow Jones 30 will eventually offer buying opportunities, as pullbacks are an opportunity to pick up the index on the cheap.
Dow Jones 30 and NASDAQ Index Video 03.8.17
NASDAQ 100
NASDAQ 100 stocks fell apart during the day initially, but started to find support near the 5850 level. I believe that short-term buyers are probably going to come back to the marketplace, and as long as we can break above the 5900 level again, I remain somewhat bullish. If we were to break down below the 5840 level, then I think the market will probably go looking towards the 5800 level. What I have noticed over the last several days is that algorithmic traders are coming back into the market based upon the market breaking out of your typical standard deviation, so therefore there has been a bit of a bid underneath. I believe that the volatility will continue, but longer-term charts suggest that we are still very much in an uptrend. I think that the market is still going to target the 6000 level above, and therefore we could find buyers every time we dip.
This article was originally posted on FX Empire
