Advertisement
Advertisement

Dow Jones 30 and NASDAQ 100 March 15, 2018, Technical Analysis

By:
Christopher Lewis
Updated: Mar 15, 2018, 05:45 UTC

US stock markets were negative on Wednesday, as we continue to see a lot of volatility in the major indices. However, we are approaching supportive levels, so we could see a bit of buying in the short term.

Dow Jones 30 daily chart, March 15, 2018

Dow Jones 30

The Dow Jones 30 fell significantly during the trading session on Wednesday, after initially trying to rally. However, on the hourly chart you can see I have a massive symmetrical triangle that the market seems to be respecting. Because of this, I feel it’s only a matter of time before the buyers come back, and it looks as if by the end of the day they may be making a return to push this market towards the 25,000 level. However, if we were to break down below 24,500, I think the market could break down significantly.

Dow Jones 30 and NASDAQ Index Video 15.03.18

NASDAQ 100

The NASDAQ 100 also fell during the day but has found enough support near the 7000 level to turn things around and send the market higher. I think that the market will eventually go looking towards the 7200 level above, an area that continues to offer resistance. The 7000 level is of course psychologically important, so I think it makes sense that we would continue to see a lot of interest in this region. Ultimately, I think that the market will continue the longer-term uptrend, but if we do break down below 6950, we could get a more significant pullback, perhaps down to the 6900 level. Below there, the next major support level is closer to 6800, and then followed by 6700. I still maintain that we are more than likely going to find buyers given enough time, in a bit of a value play as the US indices continue to look strong longer term.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

Did you find this article useful?

Advertisement