Dow Jones 30 and NASDAQ 100 Price Forecast November 2, 2017, Technical Analysis

Dow Jones 30

The Dow Jones 30 initially rally during the day on Wednesday, reaching towards the 23,500 level, an area that has been a target of mine for some time. We have pulled back rather drastically though, and it looks likely that the 23,400 level will attract a lot of attention. As I write this, it looks likely that we could bounce a bit, but if we break down below the 23,300 level, we could see a bit more of a pullback. Ultimately, I think this market does go much higher because quite frankly the Dow Jones is full of industrial companies that are doing quite well in the present economic situation in America. Longer-term, I still think that we go back to the 23,500 level, and then eventually the 23,600 level.

Dow Jones 31 and NASDAQ Index Video 02.11.17

NASDAQ 100

The NASDAQ 100 initially tried to rally during the day on Wednesday but found the resistance near the 6280 handle. We pull back from there, and it looks very likely that we will continue to see the market go back and forth. I think that the 6200-level underneath is supportive as well, so it’s only a matter of time before the buyers return. If we were to break down below the 6200 level, then I think the market could come on Donna little bit more. 6100 would be my next area of interest, and I don’t have any interest in shorting the NASDAQ 100. Yes, the daily candle is looking a bit like a shooting star, but quite frankly we are in an extended uptrend, so a pullback should only end up being a value proposition, and it may be wise to simply wait for an opportunity to go long at lower levels, as it offers value.