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

Dow Jones 30

The Dow Jones 30 rallied a bit during the day on Thursday, reaching towards the 23,500 level. I think if we can break above there, the market should continue to go much higher, and I also recognize that there is a lot of support underneath. Ultimately, we are at the top of a short-term consolidation area, so we need to build up enough momentum to continue to go higher. If we broke down below the 23,300 level, then we could perhaps drop from there, towards the overall “floor” in the uptrend at the 23,000 handle. Longer-term, I believe that the Dow Jones 30 will continue to go higher and therefore I like buying dips, but I would do so in small increments as the market has gotten a bit overextended.

Dow Jones 30 and NASDAQ Index Video 27.10.17

NASDAQ 100

The NASDAQ 100 fell below the 6050 handle during the day on Thursday, but I think still has plenty of support underneath. This is especially true if the 6000 level, which was previous resistance and now has offered significant support. Ultimately, I believe that we eventually go to the 6200 level as we broke above the ascending triangle that had previously been such a large part of the technical analysis. I still believe in the uptrend, but I think it is going to be a very noisy and difficult market at times. Be very careful and slow as to how you move in this market, and be patient. I think that adding to gains will be the way to go, as not only will we reach towards the 6200 level, but I think we will go even higher than that. If we were to break down below the 5980 level, at that point I would be very concerned, but that isn’t going to happen today.