Dow Jones 30 and NASDAQ 100 Price Forecast February 12, 2018, Technical Analysis

Dow Jones 30

The Dow Jones 30 broke down significantly during the trading session on Friday, reaching down towards the 23,250 level, before bouncing significantly on Friday. If we can break above the 24,250 level, the market should then go to the 25,000 handle. We have seen a significant destruction to the uptrend, but the reality is that Friday started to see buyers come into the market later in the day, and that suggests that we are going to see value hunters enter this market at these low levels. If we break down below the 23,000 level, the market will probably drop down to the 20,000 level. Either way, I suspect that we are going to see a lot of volatility, but to me it looks as if we are ready to continue to pick up this market.

Dow Jones 30 and NASDAQ Index Video 12.02.18

NASDAQ 100

The NASDAQ 100 went sideways initially during the day but then fell below the 2600 level. Ultimately, we turned around to form a significant amount of bullish pressure, and if we can break above the 6400 level, the market should then continue to go much higher. I think that if we can break above the 6400 level, the market should then go to the 6600-level next, and then eventually the 7000 handle. Ultimately, I think that the uptrend is intact if we can stay above the 6000 handle, and it now appears that the value hunters are coming into this market to pick it up. Ultimately, I believe that we continue the uptrend and that the selling off that we have seen has been very healthy for the overdone market.