Dow Jones 30 and NASDAQ 100 Price Forecast March 19, 2018, Technical Analysis

Dow Jones 30

The Dow Jones 30 rallied a bit during the trading session on Friday, slamming into the 25,000 level. This is essentially “fair value” of a larger symmetrical triangle, so I think at this point it’s hard to put a trade on. However, if we were to break above the 25,100 level, then I think we could challenge the top of the symmetrical triangle, offering an opportunity to go much higher. Once we break above there, the market should continue to go much, much higher. On the other hand, if we were to break down below the 24,800 level, the market probably unwinds a bit.

Dow Jones 30 and NASDAQ Index Video 19.03.18

NASDAQ 100

The NASDAQ 100 has gone sideways in general during the day on Friday, as we continue to test the 7000-level underneath. That’s a level that was massive resistance in the past, so now it should offer support. However, the weekly candle is a bit of a shooting star, so I think we have a real fight on her hands over the next couple of days. I still prefer the upside, but if we break down below the 6950 level it will probably lead to further falls in the market value, and then I would essentially “reset”, looking for some type of buying opportunity underneath. Otherwise, I am a buyer on the short-term dips in a back and forth scalping strategy using the 7000 level as support. I would be small in position size.

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