Dow Jones 30 and NASDAQ 100 Price Forecast November 27, 2017, Technical Analysis

Dow Jones 30

The Dow Jones 30 initially went sideways during the trading session on Friday, popping just a bit, pulling back again, and then finding enough support at the 23,500 level to rally significantly. Because of this, it’s likely that the market will continue to find buyers underneath, and I think that the short-term pullbacks are going to continue to be picked up by algorithmic traders as well, as a “buy every dip” mentality has taken over Wall Street. The 23,500 level is very important, and if we break down below there I think we could drop another 250 points rather quickly. Overall, I think that we will eventually reach towards the 24,000 handle above, which of course has a certain amount of psychological importance as well. The Dow Jones 30 continues to plow along to the upside, and therefore I have no interest in shorting.

Dow Jones 31 and NASDAQ Index Video 27.11.17

NASDAQ 100

By breaking above the 6400 level late during the trading session on Friday, the NASDAQ 100 looks very likely to continue the uptrend and go looking towards the 6450 level above. I think that pullbacks continue to find support at the 6380 handle, and that value hunters will be attracted to the NASDAQ 100 as it has shown so much in the way of resiliency. The stochastic oscillator is in the overbought area on the hourly chart, so a short-term pullback could present itself rather quickly. However, that pullback offers value, and if we can stay above the 6380 handle, there’s no reason to think about shorting this market. Longer-term, I anticipate that the 6500 level is going to be targeted, but that’s going to take a significant amount of time to get to. This will be especially true as we head into the holidays.