Dow Jones 30 and NASDAQ 100 Price Forecast February 19, 2018, Technical Analysis

Christopher Lewis

Updated Fri, Feb 16, 2018, 11:41 PM

Dow Jones 30

The Dow Jones 30 has rallied slightly during the day on Friday, but essentially spent most of the day going sideways. There were headlines crossing the wire about Russian indictments in the United States due to meddling in the elections, but it was very minor charges in comparison to what could have been the case. The market looks likely to ignore this now, as Mueller did not indict anybody of importance, with not of the defendants being American. In other words, this is probably a bit of a sideshow. We have broken out above the 25,000 level though, and that of course is a bullish sign. I think that dips continue to offer buying opportunities.

Dow Jones 30 and NASDAQ Index Video 19.02.18

NASDAQ 100

The NASDAQ 100 has rallied slightly during the day only to turn around and roll off. I think that the 6700-level underneath is a “floor” in the market, and therefore think it’s only a matter of time before we rally and go looking towards the 7000 handle. I think that the market continues to be a “buy on the dips” scenario, but I also recognize that it will be very noisy. I believe in buying dips based upon value, and don’t have any interest in shorting unless we were to break down below the 6200 level, something that is a significant distance away now that we have seen rallying pressure for several days in a row. I think 7000 will cause a bit of resistance, so it would not surprise me at if the market must take a couple of cracks at breaking out to the upside.