Dow Jones 30 and NASDAQ 100 Price forecast for the week of December 11, 2017, Technical Analysis

Christopher Lewis
Updated
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Dow Jones 30

The Dow Jones 30 has gone back and forth during the week, forming a slightly neutral candle. I believe that pullbacks at this point, which I believe are also going to be very likely, should be buying opportunities. I believe that the markets will continue to go higher, and I think that the 23,500 level is massively supportive, and essentially the short-term “floor.” Overall, I do believe that selling is all but impossible, least not until we would break down below the 23,250 level, which would show a shift in attitude, and most certainly if we managed to break down below the 22,000 handle. In fact, at that point I think it would be a trend change. That seems very unlikely though, so these dips continue to be buying opportunities for those who are patient.

Dow Jones 30 and NASDAQ Index Video 11.12.17

NASDAQ 100

The NASDAQ 100 has found enough support underneath to bounce and form a hammer again this week, and that tells me that the market is trying to break above the 6400 level, eventually reaching towards the 6500 level above. If we were to break down below the 6200 level, then we may go to the 6000 level eventually, but right now it appears that all stock markets are ready to rally, and that of course means that we will probably continue to see traders pick up these dips as value.

If we were to break down below the 6000 level, however unlikely at this point, then I would be a massive cellar as it would show just how quickly things have changed. When you look at the Stochastic Oscillator, it does look as if the market is overbought at this point, but it seems that nobody cares.

NASDAQ weekly chart, December 11, 2017
NASDAQ weekly chart, December 11, 2017

This article was originally posted on FX Empire

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