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Dow Jones 30 and NASDAQ 100 Forecast for the Week of October 23, 2017, Technical Analysis

Christopher Lewis
Updated

Dow Jones 30

The Dow Jones 30 broke out to the upside during the course of the week, closing towards the top of the range. If there was ever a poster child for an overextended market, the Dow Jones 30 certainly looks as if it is right now. Because of this, unless you are already involved in the market, I would be cautious about buying here. However, even though we’re going to pull back soon, I would not be willing to sell this market because there is so much in the way of bullish pressure underneath. Given enough time, I think that the market could find plenty of support underneath, so being patient and waiting for value in the Dow Jones 30 should be the best way to trade this market going forward as earnings continue to be good.

Dow Jones 30 and NASDAQ Index Video 23.10.17

NASDAQ 100

The NASDAQ 100 initially fell during the week but found enough support at the 6050-handle underneath to turn around and form a massive hammer. The hammer, of course, is a very bullish sign, and with the NASDAQ 100 underperforming slightly, it could be that money is about ready to flow back into this market. If we break above the top of the hammer for the week, we should continue to go even higher. I believe that the bottom of the uptrend currently is the 6000 handle. Ultimately, the volatility should continue, but I certainly think that buying on the dips is probably the best way to trade this market, and I have no interest in shorting anytime soon. I still have a target of 6200, and I think we are trying to work our way towards that level. Shorting isn’t possible at this point.

NASDAQ weekly chart, October 23, 2017
NASDAQ weekly chart, October 23, 2017

This article was originally posted on FX Empire

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