Dow Jones 30 and NASDAQ 100 Price Forecast February 16, 2018, Technical Analysis

Dow Jones 30

The Dow Jones 30 initially rally during the day on Thursday, but then pulled back to reach towards the 24,800 level. The 24,800-level offered enough bullish pressure to send the market back above the 25,000 handle and suggest that we are ready to continue going much higher. I think that every time this market pulls back, there will be buyers looking to get involved, as the Dow Jones 30 has done quite so well. Longer-term, I believe that we will be looking towards the 25,500 level, and perhaps even beyond. I don’t have any interest in shorting this market anytime soon.

NASDAQ 100

The NASDAQ 100 has been very noisy as well, bouncing around the 6700 level. We have rallied enough to make a fresh, new high during the day, so that of course is a very bullish sign, and it should continue to push the NASDAQ 100 higher. I think that pullbacks will attract a lot of attention near the 6700 level, but I think that we will eventually go looking towards the 6900 level, followed by the 7000 level after that, which is of course my longer-term target.

It’s not until we break down below the 6500 level that I would be concerned, and even then, I think there is still a bit of a “floor” near the 6200 level. I think that the market continues to be very noisy, but it certainly seems to have a lot of bullish pressure as algorithmic traders continue to get involved every time there is a little bit of value to be found.

Dow Jones 30 and NASDAQ Index Video 16.02.18