Dow Jones 30 and NASDAQ 100 Price Forecast August 4, 2017, Technical Analysis

Christopher Lewis

Updated Thu, Aug 3, 2017, 10:44 PM

Dow Jones 30

The Dow Jones 30 dip slightly during the day on Thursday, but as we are awaiting the jobs number today, it makes sense of the market would sit at the 22,000 level. Because of this, I think that we are simply waiting for what comes out of the Bureau of Labor Statistics, and I believe that a dip will more than likely be a buying opportunity. Having said that, and even though I remain bullish, I’m not willing to buy ahead of the announcement, because we could find ourselves 200 points lower, and therefore have an opportunity to pick up the Dow Jones 30 at a value position. I do think we go higher over the longer term, but will be waiting for the announcements to come out first.

Dow Jones 30 and NASDAQ Index Video 04.8.17

NASDAQ 100

The NASDAQ 100 continues to dance around the 5900 level, as we consolidate ahead of the jobs number. I am bullish of the NASDAQ 100 longer-term, and I think we’re going to go to the 6000 handle given enough time. However, I’m looking to buy pullbacks as they offer value. At this point, I think the market is simply waiting to see what the Federal Reserve may or may not do after the job situation becomes a little bit clearer, so it’s probably best to wait for the daily candle before you get involved.