Dow Jones 30 and NASDAQ 100 Price Forecast October 24, 2017, Technical Analysis

Dow Jones 30

The Dow Jones 30 went sideways during most of the day on Monday, catching up to the 24 hour exponential moving average. It looks as if we are somewhat supported at the 23,300 level though, so I think it’s only a matter of time before the buyers return. Even if we pull back from here, I believe there is plenty of support underneath, especially near the 23,200 level. Look at pullbacks as potential value, we been in an uptrend for some time and of course industrials seem to be leading the way. Longer-term, I fully anticipate that the market will go looking towards the 20,500 level above, but we will of course get the occasional pull back. Value is what we need to see, and then we either start buying, or perhaps add to our position.

Dow Jones 30 and NASDAQ Index Video 24.10.17

NASDAQ 100

The NASDAQ 100 went sideways initially during the day on Monday, but then broke down significantly. The 6100 level seems to be a bit of an equilibrium for price now, so I think if we can turn around and break above the 6110 level, will go to the 6125 level again, which of course was the high have the day. Given enough time then I think we breakout above there and continue the overall uptrend. Remember, based upon longer-term charts I believe that we are going to go to the 6200 level above, and that still remains the target. Ultimately, I think that pullbacks offer value, and the NASDAQ 100 should continue to be a bullish market right along with the rest of the US indices. Remember, the NASDAQ 100 lead the way for some time, and perhaps it’s only a matter of time before it catches back up to the other indices as we have cooled off a bit. Either way, selling some possible, and I still think that the buyers will continue to triumph.