Dow Jones 30 and NASDAQ 100 Forecast for the Week of October 2, 2017, Technical Analysis
Dow Jones 30
The Dow Jones 30 initially fell during the week to turn around and form a hammer. This is a very bullish sign of the top of a very bullish run. I think that it only matters time before the market breaks out to the upside is looking towards the 22,500 level. Look at dips as buying opportunities in a market it’s offered value all along the way. Algorithmic traders are obviously involved in this market as well, as we can’t even get a 1% dip. Ultimately, I think that the market probably goes looking towards the 23,000 level and that the 21,800 level should offer a bit of a floor going forward. We are very much in an uptrend, no need to try to fight that right now, especially after forming the very bullish candle we did this week.
Dow Jones 30 and NASDAQ Index Video 02.10.17
NASDAQ 100
The NASDAQ 100 initially fell during the week but has turned around and formed a nice-looking hammer as well. We are sitting just below the 6000 level, which has caused a bit of resistance. If we can break above there, the market should go much higher, extending gains far beyond recent levels. I think that the overall ascending triangle that has been forming over the last couple of months is getting ready to be triggered, and once it does, we should see a move towards 6200. Selling is all but impossible, at least not until we break down below the 5800 level, something the looks very unlikely after this week to happen anytime soon. Remember, the NASDAQ 100 led the rest of the US indices higher for some time, and although it’s not necessarily the leader now, it still looks very strong.
This article was originally posted on FX Empire