Dow Jones 30 and NASDAQ 100 Price Forecast for the week of August 7, 2017, Technical Analysis

Dow Jones 30

The Dow Jones 30 rally during the week, slicing through the 2200 level. The fact that we have done this suggests that the Dow Jones 30 should continue to go higher. I like buying pullbacks, as they offer value, and the market has now cleared the psychologically important 22,000 level. I have no interest in selling this market, and quite frankly if we drop, I would expect the 21,500 level to be massively supportive. This is a market that continues to find strength due to stronger than anticipated earnings, and of course a stronger than anticipated US economy. I like the Dow Jones 30, and have been a buyer of dips for some time.

Dow Jones 30 and NASDAQ Index Video 07.8.17

NASDAQ 100

The NASDAQ 100 went sideways as we continue to go back and forth around the 5900 level. This is an area that continues to be very resistive, and therefore I think we could get a little bit of a pullback. I pullback should be a buying opportunity though, and I think that the market should eventually go to the 6000 handle above. This is a strong uptrend, so therefore I don’t have any interest in selling and I look at pullbacks as an opportunity to take advantage of the massive uptrend that we have been in for some time. Tech stocks have been a bit overbought as of late, so I suspect what we will see is a little bit of consolidation, perhaps a short-term dip, and then eventually people will come in to take advantage of what has been one of the more reliable trades over the last several months. We have gotten a bit ahead of ourselves, so the digestion and pullbacks make a lot of sense.