Dow Jones 30 and NASDAQ 100 Price Forecast January 29, 2018, Technical Analysis

Dow Jones 30

The Dow Jones 30 broke out to the upside yet again during the day on Friday, showing signs of going much higher. Now that we are in a fresh, new high yet again, the market looks likely to continue to be a “buy on the dips” scenario. Short-term traders continue to pick up these dips as value, and I think that the 26,400 level is the support level just underneath. I believe we are going to go looking towards the 27,000 level, and at this point it’s all but impossible to sell this market. True, longer-term charts to look a bit overstretched, but even if we were to pull back now, I would simply wait for some type of structural support underneath.

Dow Jones 30 and NASDAQ Index Video 29.01.18

NASDAQ 100

If you been watching me this week, you know that I think that the NASDAQ 100 is going to start to lead US indices higher again, and so far, that’s been true. We have broken above the vital 7000 level, which is a very bullish sign, but it has been on somewhat soft volume. I would expect a short-term pullback, but there should be buyers somewhere near the 6980 handle to pick the market back up and continue to drive it up to the upside. Selling is all but impossible, and I think there is a lot of noise between here and the 6900 level below, which I see as the short-term “floor.” The market should continue to be bullish and offer plenty of short-term trading opportunities for the nimble.