Dow Jones 30 and NASDAQ 100 Forecast June 29, 2017, Technical Analysis
Dow Jones 30
The Dow Jones 30 had a choppy session initially during the day on Wednesday, but then broke above the 21,400 level. Because of this, I think that the market is ready to go higher, and short-term pullback should continue to be buying opportunities. This impulsive move should send the market looking for the 21,500-level given enough time, and I think that a “buy on the dips” type of mentality is probably the best way to play this market. Alternately, if we were to make a fresh, new low that would be extraordinarily bearish as we have seen such an impulsive move during the day to go to the upside.
Dow Jones 30 and NASDAQ Index Video 29.6.17
NASDAQ 100
The NASDAQ 100 was choppy as well, but then eventually broke above the 5700 level, a key resistance barrier. The fact that we cleared that area suggests that the buyers are starting to take over again, so we can break above the top of the range for the day, I feel that the market should then go to the 5825 level. Ultimately, the market will then continue to go even higher, and quite frankly this was a day that the NASDAQ 100 absolutely had to hold to keep the long-term uptrend intact. It looks as if the NASDAQ 100 has found a second life. With this in mind, I’m looking for buying opportunities and will continue to push higher. However, we broke down below the bottom of the daily candle for Wednesday, the market should then break down significantly and go looking for the 5600 level if not lower. I still think that if the buyers come into control this market, we will eventually go looking for 6000 above, which of course is a large, round, psychologically important number.
This article was originally posted on FX Empire