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

By:
Christopher Lewis
Updated: Mar 16, 2018, 05:56 UTC

Stock markets continue to be very noisy in general, as we are trying to figure out where to go next. The Dow Jones 30 was the leader, but you should keep in mind that there is a very specific reason for that.

Dow Jones 30 daily chart, March 16, 2018

Dow Jones 30

The Dow Jones 30 shot higher during the trading session on Thursday, reaching towards the 25,000 handle. Keep in mind that the biggest mover of the Dow Jones 30 was due to the rebound in Boeing. Boeing is a huge portion of the Dow Jones 30, so it does skew the results a bit. I think that if we break above the 25,000 handle, we probably go looking towards the top of the symmetrical triangle that I have marked on the chart. Currently, I think that the 24,700 level being broken to the downside would be very negative and I would start selling, perhaps looking for a move to about 24,200. On the other side, if we were to break above the 25,300 level, it becomes a “buy-and-hold” scenario.

Dow Jones 30 and NASDAQ Index Video 16.03.18

NASDAQ 100

The NASDAQ 100 has gone back and forth during trading on Thursday, as stock markets were quiet in general, save the Dow Jones 30. Remember, the S&P 500 did nothing as well, and when I look at the NASDAQ 100 I think it is a much clearer signal just waiting to happen, as the 7000-level underneath is support, just as it was significant resistance. I think that if we can find some type of bounce, it’s a nice buying opportunity. If we break down below the 7000 handle, then I think we could drift a bit lower. I believe that overall, we will more than likely reach towards the 7175 handle, perhaps the 7000 handle.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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