Dow Jones 30 and NASDAQ 100 Price Forecast May 9, 2017, Technical Analysis

Dow Jones 30

The Dow Jones 30 initially gapped higher at the open on Monday, but turned around to fall rather significantly until midday. The 20,950-level offered enough support to turn things around and have the market reaching towards the 21,000 level. It appears that the market is going to continue to show bullish pressure of a longer-term, and I believe that we will reach towards the 21,075 level above. That being the case, the market looks likely to find buyers on short-term dips, just as we did on Monday. I believe that the Dow Jones 30 should continue to benefit from an overall bullishness when it comes to US stocks, and of course the longer-term moved to the upside. I still believe that there’s plenty of buying pressure underneath so I don’t have any interest in shorting, and today only strengthens my resolve.

Dow Jones 30 and NASDAQ Index Video 09.5.17

NASDAQ 100

The NASDAQ 100 initially gapped higher as well, but just as the Dow Jones 30 did, we turned around to fill that gap and go looking for support underneath. The 48-hour moving average below continues to offer support, reaching towards the 5650 handle above. That area has been an area of interest for some time, and now I think we will not only break above there, but the market should then go towards the 5660 level. After that, the market continues to look bullish in my estimation, and I have no interest in selling. I think that it’s only a matter of time before the buyers return on pullbacks, as the market has lead the way for US indices overall. Not only that, this has been a leader for worldwide indices, and ultimately, I believe that the NASDAQ 100 is an index that cannot be sold.