Dow Jones 30 and NASDAQ 100 Forecast August 30, 2017, Technical Analysis

Dow Jones 30

As news came out that the North Koreans launched a missile overnight, the Dow Jones 30 gapped lower at the open. However, the market turned around and not only filled that gap, but broke above it. While I am not expecting an explosive moved to the upside, I suggest that this market is well supported, so therefore it’s difficult to short this market. Keep in mind that this is one of the least liquid weeks of the year as most Americans are away at holiday. Because of this, the moose could be somewhat erratic. I believe that we will be range bound in the same general area over the next several sessions.

Dow Jones 30 and NASDAQ Index Video 30.8.17

NASDAQ 100

The NASDAQ 100 did the same thing, and even broke above the top of the gap. Because of this, I think that we continue to see resistance near 5880, but support near the 5760 level. The market will be range bound in my estimation, and although the turnaround was impressive, it was on extremely thin volume. With this, I believe that longer-term we are going higher, but it may be several sessions before we see any type of break out.