Dow Jones 30 and NASDAQ 100 Forecast June 27, 2017, Technical Analysis

Dow Jones 30

The Dow Jones 30 gapped lower at the open on Monday and then turned around to shoot straight through the air, testing the 21,500 level. We sold off drastically though, as the Core Durable Goods Orders announcement came out much lower than anticipated in America. However, it looks as if the 24-hour exponential moving average is offering dynamic support, and of course the 21,400 level. I believe that given enough time, we will break out to a fresh, new high and I think that this move has been a nice buying opportunity. I have no interest in shorting the market, after all, the Dow Jones 30 is essentially the blue-chip stock index for traders around the world. If there’s any question about economic growth, this is probably the first place where people will put money since there is a dividend attached to the stocks in the index.

Dow Jones 30 and NASDAQ Index Video 27.6.17

NASDAQ 100

The NASDAQ 100 initially rally during the day, testing the 5850 handle. We ended up falling significantly from there, testing the 5775-level underneath. However, we ended up forming a massive hammer on the hourly chart, and it now looks as if the market is ready to continue the uptrend. I think that the market should then go to the 5900 level above, and then eventually 6000. I have no interest in selling this market, it has lead the other US indices higher over the longer term. I believe that the NASDAQ 100 should continue to benefit from a red-hot biotech sector, and have no interest in shorting. The NASDAQ 100 continues to lead the way not only for the United States, but other indices as well. I recognize that the 6000 level above being a target is a longer-term target, and it is going to take a significant amount of momentum to finally break above there.