Dow Jones 30 and NASDAQ 100 Price Forecast November 3, 2017, Technical Analysis

Dow Jones 30

The Dow Jones 30 was choppy during the trading session on Thursday, as we initially fell, but found enough support at the 23,350 level to bounce and rally. The 23,500 level above is massive resistance above, and I believe that the market will continue to chop around as we await the jobs number coming out later today. The expected number is the addition of 310,000 jobs for the month of October, so therefore we will get a significant amount of noise if the number misses. I think that this is a market that will probably disappoint for a larger move though, unless of course we break out to the upside with a blowout employment figure. If we do pull back from here, I suspect there will be buyers given enough time, as a worse than anticipated number could have people thinking that the Federal Reserve will sit on the sidelines.

Dow Jones 31 and NASDAQ Index Video 03.11.17

NASDAQ 100

the NASDAQ 100 has been choppy as well, testing the 6200 level for support, and quite frankly finding it. I think that the NASDAQ 100 will continue to be bullish in general though, and eventually we will probably go looking towards the 6300 level. If we break down below the lows of the Thursday session, the market probably goes down to the 6100 level. This is a market that has been extraordinarily bullish, but we have filled a longer-term target of mine, the 6200 handle. I think we continue to go higher, but we need to build up some momentum. That might be what today is all about so look at pullbacks as an opportunity to get long a market that continues to surprise to the upside. It’s not until we break down below the 6000 handle that I would consider selling.