Dow Jones 30 and NASDAQ 100 Price Forecast July 13, 2017, Technical Analysis

Dow Jones 30

The Dow Jones 30 went sideways initially during the day, and then wrote to the upside as we sliced through the 21,500 level. By doing so, we showed an extreme amount of bullish pressure, but then pulled back to test the 21,500 level for support. This is a market that continues to find buyers, and I think that given enough time we will continue to go even higher. Some type of bounce is what we are waiting to see, and I think that the 22,000 level will be the next target. The Janet Yellen testimony in front of Congress suggested that the interest rate hikes will be more gradual than originally thought, and stocks behaved accordingly. Because of this, I think it’s only a matter of time before we continue to grind much higher.

Dow Jones 30 and NASDAQ Index Video 13.7.17

NASDAQ 100

The NASDAQ 100 broke above the 5700 level which is a very bullish sign. On top of that, we have a bullish flag on the daily chart that has now been broken, and I believe that we are going to go looking towards the 5900 level longer term. I believe in buying pullbacks as the NASDAQ 100 will continue to attract money in the low interest rate environment, and of course with technology doing better than most other sectors. When you look at the markets, the NASDAQ 100 has been a leading set of stocks in America, and I think that is going to continue to be the case. Ultimately, I have a longer-term target of 6000, but it’s going to take a long time to get to that area, giving us a “buy on the dips” type of situation longer-term, and I have no interest whatsoever in selling this market now that we have broken above the bullish flag.