Dow Jones 30 and NASDAQ 100 Price Forecast February 28, 2018, Technical Analysis

Dow Jones 30

The Dow Jones 30 initially went sideways during trading on Tuesday, awaiting the comments out of Federal Reserve Chairman Jerome Powell. When he stated that interest rate hikes were coming still, despite the recent belief that perhaps they were going to be a put on hold, the stock markets fell. However, this should not be much of a surprise and I feel it’s only a matter of time before the buyers return to this market, looking to pick up a bit of value in a market that for me has a hard “floor” at the 25,000 level. Otherwise, I believe that we would “reset” somewhere closer to the 24,600 level.

NASDAQ 100

The NASDAQ 100 went sideways during the trading session on Tuesday, hovering just below the 7000 handle before the testimony. NASDAQ 100 traders also sold, reaching down towards the 6900 level at the time of recording. I believe that the 6800 level underneath is going to be supportive though, so somewhere between here and there I fully anticipate that we are going to rally enough to make fresh, new highs and break above the 7000 handle, and that perhaps part of the selloff was used as an excuse to build up momentum for the longer-term move. I believe that the “floor” in the market is closer to the 6700 level, so it’s not until we break down below there that I would become concerned. Ultimately, I believe that the overall attitude of the market is higher, but obviously were going to have the occasional pullback to offer value for those willing to take it.

Dow Jones 30 and NASDAQ Index Video 28.02.18