Dow Jones 30 and NASDAQ 100 Price Forecast February 1, 2018, Technical Analysis

Dow Jones 30

The Dow Jones 30 has rallied significantly ahead of the jobs number on Friday, and of course the massive amount of bullishness coming out of bowling. Because of this, I think it’s only a matter of time before we break out to the upside and clear the 26,300 level. Once we do, we then go looking towards the 26,500 level, and the 26,700 level. Pullbacks should continue to find plenty of support, especially near the 26,000 level, and I expect that although today will be quiet, it should be more of a grind to the upside than anything else.

Dow Jones 30 and NASDAQ Index Video 01.02.18

NASDAQ 100

The NASDAQ 100 has rallied as well, and it looks as if we are trying to use the 6900 level as a floor. However, I also recognize that we could be forming a short-term head and shoulders, so we break down below the 6900 level, we could find ourselves going down to the 6750 range. Ultimately though, I do believe that this market goes higher, and that we are trying to build up enough momentum to reach towards the 7000 level, which is the gateway to much higher-level trading. The NASDAQ 100 should continue to see buying pressure, and of course it should continue to lead a lot of the US indices higher. I believe that we will eventually clear the 7000 level and continue the longer-term uptrend. In the selling opportunity at this point in time is going to be very short-term focused.