Dow Jones 30 and NASDAQ 100 Price Forecast January 2, 2018, Technical Analysis

Christopher Lewis

Updated Fri, Dec 29, 2017, 9:54 PM

Dow Jones 30

The Dow Jones 30 rallied during the trading session on Friday, but then rolled over as Americans came to work. Because of this, I think it’s only a matter of time before we find buyers based upon value. I think that we will eventually go towards the 25,000 handle, which is my longer-term target. The action on Friday was positive, but I think that the overall volatility will continue to be an issue, so I would to jump in all it wants. I think that the market should continue to be positive in general, because the tax bill being passed will help accelerate corporate profits. We have gotten a bit stretched, so pullbacks are likely, but I look at those as an opportunity to pick up a larger position.

Dow Jones 30 and NASDAQ Index Video 02.01.18

NASDAQ 100

The NASDAQ 100 rally during most of the session but then rolled over as we had originally broken above the 6450 handle. We rolled over towards the 6430 level, where we had basically started out the trading session. This gives us a bit of a negative feel for the day, but quite frankly the NASDAQ 100 has been a bit of a laggard when it comes to the US indices in general. If we can break above the 6460 handle, the market probably goes to the 6500 level longer term after that, which has of course been important already, but I think that eventually we break above there and continue the longer-term uptrend.