Dow Jones 30 and NASDAQ 100 Price Forecast October 2, 2017, Technical Analysis

Christopher Lewis
Updated
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Dow Jones 30

The Dow Jones 30 initially fell on Friday but found enough support near the 22,300 level to turn around and rally. It now looks as if the market is ready to continue the massive uptrend, and I believe that the Dow Jones 30 will continue to reach towards the 22,500 level over the next several sessions. I believe the pullbacks are buying opportunities, as we continue to see people try to pick up value in the industrials. There has been a bit of a rotation into the Dow Jones 30 as of late, but now we are starting to see stocks everywhere in the United States explode to the upside as talk of tax referendum hit the forefront of traders minds. I believe that it’s only matter of time before we reached too much higher levels, and therefore have no interest in shorting.

Dow Jones 30 and NASDAQ Index Video 02.10.17

NASDAQ 100

The NASDAQ 100 also rallied, reaching towards the 5970 level. This is a market that had previously led the rest of the US indices higher, and it now looks as if it is reasserting its dominance. However, I think that they are all moving in lockstep anyway, so I like the idea of buying dips and all three of the major indices of we follow here at FX Empire, with the NASDAQ 100 be no different. I believe that the 6000 level above will be resistance though, so we may have a bit of a fight on our hands in that region. I think pullbacks in the level should be buying opportunities though. If we can get above the 6000 level, we are free to go much higher from a longer-term perspective. The 5900 level below continues to be massive support, and essentially the “floor” in this market.

NASDAQ 100 daily chart, October 02, 2017
NASDAQ 100 daily chart, October 02, 2017

This article was originally posted on FX Empire

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