Dow Jones 30 and NASDAQ 100 Forecast for the Week of July 3, 2017, Technical Analysis

Dow Jones 30

The Dow Jones 30 initially fell during the week but turned around to form a massive hammer. If we can break above the top of the hammer, we will then challenge the previous shooting star. A break above that shooting star should send this market much higher. Alternately, if we break down below the hammer, the market will then go look to the 21,000 level for support. Either way, I think we’re going to see a lot of volatility.

Dow Jones 30 and NASDAQ Index Video 03.7.17

NASDAQ 100

The NASDAQ 100 broke down below the bottom of a significant uptrend line, and that of course is a negative sign. If we are starting to change the trend, it is going to be very choppy and therefore very dangerous. If we do breakdown below the bottom of the weekly candle, I think that the next target is the 5500 level. Alternately, if we can break back above the 5700 level, the buyers could come in and push this market to the 5775 level.