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

Dow Jones 30

The Dow Jones 30 pulled back a bit during the trading session on Monday, reaching towards an uptrend line on the hourly chart. We have seen a bit of support at the 26,500 level, and I think we are going to continue to grind away to the upside. The 26,700 level above will be the initial target, but longer-term I think we are going to see much higher levels. The market participants continue to benefit from lower valued US dollars, and that tends to help stock markets in general. The algorithmic traders continue to pick up the Dow Jones 30 every time it drops.

Dow Jones 30 and NASDAQ Index Video 30.01.18

NASDAQ 100

The NASDAQ 100 also drifted a bit lower during the day on Monday, but in very low volume. The uptrend line has held, at least as I record this, and I think that it’s only a matter of time before we break out to the upside. Even if we do break down, I think there is a massive amount of support at the 6900-level offering an opportunity as well. Algorithmic traders have not allowed more than a 1% pullback in ages, and I don’t think that’s going to change.

The noise around the 7000 level isn’t much of a surprise, after all it would have caused a lot of profit-taking. Longer-term though, it will mean much, and we should continue to go towards the 7100 level. There are a lot of noises in this market, but longer-term there is certainly a ton of buyers underneath.